MIRA INFORM REPORT

Report No. :	349251
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :		FARMGATE AGRO MILCH PRIVATE LIMITED
Registered Office :		9, Park Area, Gangeshwar Dham Road, Karol Bagh, New Delhi - 110005
Tel. No.:	91-11-40405252
Country :		India
Financials (as on) :		31.03.2015
Date of Incorporation :		02.12.2010
Com. Reg. No.:		55-211008
Capital Investment / Paid-up Capital :		Rs. 24.460 Million
CIN No.: [Company Identification No.]		U15494DL2010PTC211008
IEC No.:		0512003491
TAN No.: [Tax Deduction & Collection Account No.]		DELF04725A
PAN No.: [Permanent Account No.]		AABCF6486D
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer and Exporter of Dairy Products and Milk Products.
No. of Employees :		140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 950000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2010 having satisfactory track record. It is engaged in the business as manufacturer and exporter of milk products. Profit margin of the company is low. However networth base of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. The rating further takes into consideration favorable gap between trade payables and trade receivables. Trade relations are fair. Business is active. Payment terms are reported to be 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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B+ [Suspended]
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	December 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. S.K. Agarwal
Designation :	General Finance Manager
Contact No.:	91-11-40405252
Date :	07.11.2015

LOCATIONS

Registered Office :	9, Park Area, Gangeshwar Dham Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-40405252/ 5225
Fax No.:	91-11-40405281
E-Mail :	rocddc@in.com rajat@richamilk.com info@farmgateagro.com
Website :	http://www.farmgateagro.com
Corporate Office :	No. 1001, 10th Floor, Pearls Business Park, Netaji Subhash Place, Pitampura, New Delhi – 110034, India
Factory :	79/80, HSIDC Industrial Area, Kundli, Sonepat – 131028, Haryana, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rakesh Kumar

Designation :

Director

Address :

16/216, Joshi Road, Karol Bagh, Delhi – 110005, India

Date of Birth/Age :

29.10.1959

Qualification :

Graduate

Experience :

35 Years

Date of Appointment :

02.12.2010

PAN No.:

AAHPK7643Q

DIN No.:

00463451

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	U01211DL1998PTC096907	SUSHILA MILK SPECIALITIES PRIVATE LIMITED	Director	03-11-1998	03-11-1998	-	Active	NO
2	U15209DL2000PTC104300	DAILY AGRO MILK FOODS (INDIA) PRIVATE LIMITED	Director	09-03-2000	09-03-2000	13-12-2007	Strike off	NO
3	U74899DL1985PTC022552	B K RS LEASING PRIVATE LIMITED	Director	01-04-2000	01-04-2000	13-12-2007	Active	NO
4	U74899DL2005PTC132297	SUSHILA DAIRY PRODUCTS PRIVATE LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
5	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Director	02-12-2010	02-12-2010	-	Active	NO
6	U15203DL2011PTC219946	FARMGATE MILCH SPECIALITIES PRIVATE LIMITED	Director	27-05-2011	27-05-2011	-	Active	NO
7	U70101DL2008PTC180137	EMBARK BUILDCON PRIVATE LIMITED	Director	01-07-2013	04-05-2013	-	Active	NO
8	U40106DL2015PTC279426	FARMGATE ENERGY PRIVATE LIMITED	Director	23-04-2015	23-04-2015	-	Active	NO
9	U93000DL2015PTC282923	SUN MARK (INDIA) PRIVATE LIMITED	Director	20-07-2015	20-07-2015	-	Active	NO

Name :

Mr. Rajat Prabhakar

Designation :

Director

Address :

16/216, Joshi Road, Karol Bagh, Delhi – 110005, India

Date of Birth/Age :

24.06.1988

Date of Appointment :

02.12.2010

PAN No.:

BGCPP6701J

DIN No.:

03312710

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	Company/ LLP Status	Defaulting status
1	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Director	02-12-2010	02-12-2010	Active	NO
2	U15203DL2011PTC219946	FARMGATE MILCH SPECIALITIES PRIVATE LIMITED	Director	27-05-2011	27-05-2011	Active	NO
3	U70101DL2008PTC180137	EMBARK BUILDCON PRIVATE LIMITED	Director	01-07-2013	04-05-2013	Active	NO
4	U74899DL1994PTC063841	JAI SHREE SHYAM ENTERPRISES PRIVATE LIMITED	Director	06-08-2013	06-08-2013	Active	NO
5	U27101DL2005PTC139624	BANKEY BIHARI METALS PRIVATE LIMITED	Director	06-08-2013	06-08-2013	Active	NO
6	U40106DL2015PTC279426	FARMGATE ENERGY PRIVATE LIMITED	Director	23-04-2015	23-04-2015	Active	NO

Name :

Mr. Rishab Prabhakar

Designation :

Director

Address :

9, Park Area, Gangeshwar Dham Road,, Karol Bagh, New Delhi - 110005, Delhi, India

Date of Appointment :

10.07.2014

DIN No.:

06912070

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	Company/ LLP Status	Defaulting status
1	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Director	10-07-2014	10-07-2014	Active	NO
2	U01211DL1998PTC096907	SUSHILA MILK SPECIALITIES PRIVATE LIMITED	Additional director	09-12-2014	09-12-2014	Active	NO
3	U74899DL2005PTC132297	SUSHILA DAIRY PRODUCTS PRIVATE LIMITED	Additional director	09-12-2014	09-12-2014	Active	NO
4	U40106DL2015PTC279426	FARMGATE ENERGY PRIVATE LIMITED	Director	23-04-2015	23-04-2015	Active	NO

Name :

Mr. Prabhakar Sunaina

Designation :

Additional director

Address :

16/216, Joshi Road, Karol Bagh, New Delhi - 110005, Delhi, India

Date of Appointment :

09.12.2014

DIN No.:

06668734

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	Company/ LLP Status	Defaulting status
1	U27101DL2005PTC139624	BANKEY BIHARI METALS PRIVATE LIMITED	Director	06-08-2013	06-08-2013	Active	NO
2	U74899DL1994PTC063841	JAI SHREE SHYAM ENTERPRISES PRIVATE LIMITED	Director	06-08-2013	06-08-2013	Active	NO
3	U15494DL2010PTC211008	FARMGATE AGRO MILCH PRIVATE LIMITED	Additional director	09-12-2014	09-12-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. S.K. Agarwal
Designation :	General Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rakesh Kumar	1286000	52.58
Rajat Prabhakar	10000	0.41
Embark Buildcon Private Limited, India	870000	35.57
Sushila Milk Specialities Private Limited, India	165000	6.75
Sushila Dairy Products Private Limited, India	115000	4.70
Total	2446000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	47.02
Directors or relatives of directors	52.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dairy Products and Milk Products.
Brand Names :	'RAJAT'
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Bangladesh · Middle East · African Countries
Imports :	--
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Sonal Impex, Delhi
Name of the Person (Designation):	Mr. Satish Agarwal [Proprietor]
Contact Number:	91-9811608808
Since how long known:	05 years
Maximum limit dealt:	Rs. 120.000 Million [Yearly]
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	As claimed by Mr. Satish [Proprietor] that they are very much satisfied with doing business with subject company.

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	ITC Limited, Bangalore
Name of the Person (Designation):	Ms. Jayathy
Contact Number:	91-80-22981158 [Ringing]
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

140 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Netaji Subhash Place, Pitampura, New Delhi, India
Person Name (with Designation):	Mr. Jitendra Mehta [Relationship Manager]
Contact Number:	91-9818640202
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Decline to part any information.

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Standard Chartered Bank

10, Parliament Street, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1.855	5.549
SHORT TERM BORROWINGS
Working capital loans from banks	473.973	299.474
Loans taken for vehicles	4.687	5.565
Other loans and advances	2.572	10.868
	80.836	46.860
Total	483.087	321.456

Auditors :
Name :	Devendra Dahiya and Company Chartered Accountants
Address :	BU-1 SFS Flats, Outer Ring Road, Pitampura, Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAAFO7506K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 24.460 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,446,000	Equity Shares	Rs. 10/- each	Rs. 24.460 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	24.460	18.860	10.100
(b) Reserves & Surplus	308.386	221.841	106.580
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.100
Total Shareholders’ Funds (1) + (2)	332.846	240.701	116.780
(3) Non-Current Liabilities
(a) Long-term borrowings	27.113	82.691	52.409
(b) Deferred tax liabilities (Net)	6.863	5.229	2.787
(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)	33.976	87.920	55.196
(4) Current Liabilities
(a) Short term borrowings	595.442	481.232	315.907
(b) Trade payables	105.659	259.117	432.198
(c) Other current liabilities	105.258	112.180	33.443
(d) Short-term provisions	0.067	5.791	2.860
Total Current Liabilities (4)	806.426	858.320	784.408
TOTAL	1173.248	1186.941	956.384
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	137.542	129.233	104.869
(ii) Intangible Assets	0.036	0.046	0.056
(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	1.443	0.312	20.490
(e) Other Non-current assets	1.421	1.264	1.364
Total Non-Current Assets	140.442	130.855	126.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	307.705	235.898	355.516
(c) Trade receivables	412.844	590.363	374.598
(d) Cash and cash equivalents	162.099	61.986	12.921
(e) Short-term loans and advances	101.480	99.961	48.373
(f) Other current assets	48.678	67.878	38.197
Total Current Assets	1032.806	1056.086	829.605
TOTAL	1173.248	1186.941	956.384

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	4074.925	4061.611
		Other Income	4.894	3.887
		TOTAL (A)	4079.819	4065.498	2791.835
Less	EXPENSES
		Cost of Materials Consumed	3896.166	3647.778
		Other Manufacturing and Operating Expenses	63.062	59.214
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(64.451)	110.396
		Employees benefits expense	53.804	38.522
		Selling and Distribution Expenses	23.425	57.990
		Other expenses	18.888	60.930
		TOTAL (B)	3990.894	3974.830	2728.373
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.925	90.668	63.462
Less	FINANCIAL EXPENSES (D)		46.314	50.102	34.138
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.611	40.566	29.324
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.502	5.636	4.652
	PROFIT BEFORE TAX (E-F) (G)		34.109	34.930	24.672
Less	TAX (H)		11.965	11.648	8.092
	PROFIT AFTER TAX (G-H) (I)		22.144	23.282	16.580
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1169.545	384.748
	Earnings Per Share (Rs.)		9.05	12.34	16.42

Expected Sales (2015-2016): Rs.4500.000 Million

The above information has been parted by Mr. S.K. Agarwal (General Finance Manager)

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
Net Cash flow from (used in) Operations	NA	(187.369)	(290.346)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.54	0.57	NA
Operating Profit Margin (PBDIT/Sales)	(%)	2.18	2.23	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.91	2.94	2.58
Return on Investment (ROI) (PBT/Networth)		0.10	0.15	0.21
Debt Equity Ratio (Total Liability/Networth)		1.87	2.34	3.15
Current Ratio (Current Asset/Current Liability)		1.28	1.23	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.100	18.860	24.460
Reserves & Surplus	106.580	221.841	308.386
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.100	0.000	0.000
Net worth	116.780	240.701	332.846
Long-term borrowings	52.409	82.691	27.113
Short term borrowings	315.907	481.232	595.442
Total borrowings	368.316	563.923	622.555
Debt/Equity ratio	3.154	2.343	1.870

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)
Total Income	2791.835	4065.498	4079.819
		45.621	0.352

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2791.835	4065.498	4079.819
Profit	16.580	23.282	22.144
	0.59%	0.57%	0.54%

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10594030	07/09/2015	2,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	C65697120
2	10586242	24/07/2015	30,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C61819926
3	10480601	24/07/2015 *	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C60324936
4	10394929	07/09/2015 *	280,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	C65698474

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	80.836	46.860
Total	80.836	46.860

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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. 66.17
UK Pound	1	Rs. 100.66
Euro	1	Rs. 70.97

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.