MIRA INFORM REPORT

Report No. :	348151
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	GREEN PACK FOILS PRIVATE LIMITED
Registered Office :	Block No. 520, Opposite Sarthi Pharmaceuticals Limited, Sola-Santej Road, At Rakanpur, Taluka Kalol, Gandhinagar-382721, Gujarat
Tel. No.:	91-2764-286702 / 3
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.06.1995
Com. Reg. No.:	04-026414
Capital Investment / Paid-up Capital :	Rs.4.005 Million
CIN No.: [Company Identification No.]	U25200GJ1995PTC026414
IEC No.:	0897008120
TAN No.: [Tax Deduction & Collection Account No.]	AHMG014641D
PAN No.: [Permanent Account No.]	AABCG0683K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kind of Aluminum Foil and Flexible Packaging Materials.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 156000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Green Pack Foils Private Limited was incorporated in the year 1995 at Gujarat. It manufactures aluminum foils and coils primarily for the pharmaceutical and food packaging industries. The rating on company reflects steady growth in its operation income followed by its profitability margin from its previous FY-13. Rating further gain strength on company established track record and experienced promoters along with the satisfactory financial risk profile marked by decent capital structure and above average debt protection metrics. Rating strength is partially offsets on company’s low profitability and stretch in working capital cycle which may weakens the financial risk profile of the company. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ritesh Patel
Designation :	Chief Accountant
Contact No.:	91-9979880043
Date :	02.11.2015

LOCATIONS

Registered / Administrative Office / Factory :	Block No. 520, Opposite Sarthi Pharmaceuticals Limited, Sola-Santej Road, At Rakanpur, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-286702 / 3 / 286052 91-79-26746199
Mobile No.:	91-9979880043 (Mr. Ritesh Patel)
Fax No.:	91-2764-286703 91-79-26745956
E-Mail :	info@greenpackfoils.com sanjay@greenpackfoils.com green@ad1.vsnl.net.in
Website :	www.greenpackfoils.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. Kaushikbhai Somabhai Patel

Designation :

Director

Address :

51, Jawahar Society, Visnagar, Mehasana - 384315, Gujarat, India

Date of Birth/Age :

15.02.1971

Date of Appointment :

01.01.2001

DIN No.:

00632483

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	U29120GJ1987PTC009960	AIMS FORGINGS PRIVATE LIMITED	Director	08/07/1993	08/07/1993	-	Active	NO
2	U25200GJ1995PTC026414	GREEN PACK FOILS PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO

Name :

Mr. Jitendrakumar Somabhai Patel

Designation :

Additional Director

Address :

8 Ankur Society, Dist-Mehsana, Visnagar - 384315, Gujarat, India

Date of Appointment :

23.03.2015

DIN No.:

00652344

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	U01135GJ1983PTC006495	AMRIT ENGINEERING PVT LTD	Director	01/11/1986	01/11/1986	-	Active	NO
2	U25200GJ1995PTC026414	GREEN PACK FOILS PRIVATE LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO

Name :

Mr. Sanjaykumar Amrutbhai Patel

Designation :

Director

Address :

23, Manichandra Society Part-2, Near Surdhara Circle, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

17.11.1973

Date of Appointment :

01.04.1997

DIN No.:

01946566

Name :

Mr. Mukeshkumar Bhaichandbhai Patel

Designation :

Director

Address :

16, Manichandra Society,Part-1, Surdhara Circle,Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

04.06.1970

Date of Appointment :

01.02.1998

DIN No.:

01946757

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	U25200GJ1995PTC026414	GREEN PACK FOILS PRIVATE LIMITED	Director	01/02/1998	01/02/1998	-	Active	NO
2	U29120GJ1987PTC009960	AIMS FORGINGS PRIVATE LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO

Name :

Mr. Paresh Prahladbhai Patel

Designation :

Additional Director

Address :

1 Gokul Nagar Society, At Po Visnagar Mehsana - 384315, Gujarat, India

Date of Appointment :

23.03.2015

DIN No.:

01980511

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	U29120GJ1987PTC009960	AIMS FORGINGS PRIVATE LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO
2	U25200GJ1995PTC026414	GREEN PACK FOILS PRIVATE LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO

Name :

Mr. Shaileshkumar J Patel

Designation :

Director

Address :

38, Vivekanand Society, At Visnagar, Visnagar - 384315, Gujarat, India

Date of Birth/Age :

24.09.1962

Date of Appointment :

01.04.1997

DIN No.:

02164092

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	U25200GJ1995PTC026414	GREEN PACK FOILS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U29120GJ1984PTC006802	KRASHI PUMPS PVT LTD	Director	15/10/2000	15/10/2000	27/05/2015	Active	NO
3	U24100GJ2013PTC073637	VINIT MATCHWORKS PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Strike off	NO

Name :

Mr. Gaurangkumar Rameshbhai Patel

Designation :

Additional Director

Address :

40, Panchamrut Bunglows, Science City Road, Sola, Ahmedabad - 380060, Gujarat, India

Date of Appointment :

23.03.2015

DIN No.:

07131912

KEY EXECUTIVES

Name :	Mr. Ritesh Patel
Designation :	Chief Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all kind of Aluminum Foil and Flexible Packaging Materials.
Products :	Aluminum Foil Flexible Packaging Materials
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Bangladesh Iran
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

(Actual Production)

Items	31.03.2014 (Kgs.)
Aluminums Foils	812013.770
Paper Coated / Poly Laminated	383.940
Polyster Poly Laminated / Printed	6038.890
PVDC Film Coated / Printed	---
Paper Foil Coated / Laminated	5319.300
Scrap Aluminum Foil Scrap	61155.810
Paper Scrap	2322.070
Polyster Poly Scrap	6368.980
P.V.C. Scrap	15.300

GENERAL INFORMATION

Suppliers :

Reference :	Hindalco Industries Limited, Mumbai, Maharashtra, India
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 :

Wholesalers, Retailers and Manufacturer

Reference :	Eris Lifesciences Private Limited, Assam, India
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 :

55 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	BPL House, Sumangalam Co-operative Housing Society, Opposite Drive-In- Theatre, Bodakdeo, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-796160616 (Continuously 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

• The Mehsana Urban Cooperative Bank
• Bank of Baroda

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC CC Loan	13.938	13.083
Total	13.938	13.083
Note: HDFC Secured Working Capital loan are secured by way of first and exclusive charge on all present and future stock and book debt prime security. It is further guaranteed by all the directors.

Auditors :
Name :	Mukesh P. Patel and Company Chartered Accountants
Address :	2^nd Floor, Tirupati House, Near GIDC Gate, Kansa Char Rasta, Visnagar – 384315, Gujarat, India
Tel. No.:	91-2765-231784 / 231984
Mobile No.:	91-9879537277 / 9904155909
Email :	mukeshppatel.ca@gmail.com jigar.sukhadia@gmail.com srpatel.ca@gmail.com
PAN No.:	AAUFM2320B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
400500	Equity Shares	Rs.10/- each	Rs.4.005 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	4.005	4.005	4.005
(b) Reserves & Surplus	50.756	48.698	47.025
(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)	54.761	52.703	51.030
(3) Non-Current Liabilities
(a) long-term borrowings	43.634	37.970	46.382
(b) Deferred tax liabilities (Net)	0.539	0.661	0.691
(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)	44.173	38.631	47.073
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	43.495	37.229	27.136
(c) Other current liabilities	1.097	0.915	5.533
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	44.592	38.144	32.669
TOTAL	143.526	129.478	130.772
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.883	21.230	18.486
(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	0.377	0.377	0.377
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.260	21.607	18.863
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.017	0.015	0.014
(c) Trade receivables	32.491	28.622	26.015
(d) Cash and cash equivalents	90.909	78.097	80.023
(e) Short-term loans and advances	0.444	0.419	0.477
(f) Other current assets	0.405	0.718	5.380
Total Current Assets	124.266	107.871	111.909
TOTAL	143.526	129.478	130.772

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	262.394	192.603	240.209
	Other Income	1.031	2.845	0.264
	TOTAL	263.425	195.448	240.473
Less	EXPENSES	257.065	189.684	231.942
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.360	5.764	8.531
Less/ Add	DEPRECIATION/ AMORTISATION	3.330	3.285	3.286
	PROFIT/ (LOSS) BEFORE TAX	3.030	2.479	5.245
Less	TAX	0.971	0.806	1.609
	PROFIT/ (LOSS) AFTER TAX	2.059	1.673	3.636
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5.422	2.633	3.557
	TOTAL EARNINGS	5.422	2.633	3.557
	IMPORTS
	Raw Materials	0.000	16.161	16.161
	Components and Stores parts	0.000	0.000	0.000
	TOTAL IMPORTS	0.000	16.161	16.161
	Earnings / (Loss) Per Share (Rs.)	5.14	4.17	9.07

Particulars	31.03.2015
Sales Turnover (Approximately)	330.000

Expected Sales (2015-16): Rs.450.000 Million

The above information has been parted by Mr. Ritesh Patel (Chief Accountant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.78	0.87	1.51
Return on Total Assets (PBT/Total Assets}	(%)	2.11	1.91	4.01
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.10
Debt Equity Ratio (Total Debt/Networth)		0.80	0.72	0.91
Current Ratio (Current Asset/Current Liability)		2.79	2.83	3.43

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	4.005	4.005	4.005
Reserves & Surplus	47.025	48.698	50.756
Net worth	51.030	52.703	54.761
long-term borrowings	46.382	37.970	43.634
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	46.382	37.970	43.634
Debt/Equity ratio	0.909	0.720	0.797

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	240.209	192.603	262.394
		(19.819)	36.236

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	240.209	192.603	262.394
Profit	3.636	1.673	2.059
	1.51%	0.87%	0.78%

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	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	No
18	Major suppliers	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF THE OPERATIONS

During the year, the Company's total income was Rs.262.394 Million as against Rs.190.603 Million in the previous year. The company has made net profit of Rs.2.059 Million as compared to the previous year of Rs.1.673 Million after providing depreciation of Rs.3.029 Million and provision for taxation of Rs.0.971 Million. Looking to the overall sales and profit position, the future of the company is found prospective. The management of the Company is hopeful for better results in coming years.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans from directors and relatives	29.696	24.887
Total	29.696	24.887

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10524350	30/09/2014	3,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C26808956
2	90095471	30/09/2014 *	25,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C34579136
3	90095158	02/02/2000	455,000.00	CORPORATION BANK	IFB, ELLISBRIDGE, AHEMDABAD - 380006, GUJARAT, INDIA	-
4	90094977	16/06/1997	4,400,000.00	THE VISNAGAR NAGRIK SAHKARI BANK LIMITED	VISNAGAR, MEHSANA, GUJARAT, INDIA	-

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Computer
• AHU Plant

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.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KYP
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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.