MIRA INFORM REPORT

Report No. :	349466
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	SOFTECH PHARMA PRIVATE LIMITED
Registered Office :	S. No.68, Utopia, Palace, C-11, Opposite Raheja Woods, Wanowrie, Pune-411040, Maharashtra
Tel No.:	91-260-2242705/2242806
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.10.2003
Com. Reg. No.:	11-019882
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U24231PN2003PTC019882
IEC No.:	0304057410
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCS7593J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing Soft Gelatin Capsules and Encapsulating Machines and Accessories.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 533000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2003. It has a satisfactory track record. The company has reported a Profit after tax (PAT) of Rs.32.060 Million on net sales of Rs.603.589 Million for the year 2014 as compared to PAT of Rs.25.960 Million on set net sales of Rs.446.347 Million for the year 2013. The company have Rs.186.570 Million net worth with fair profitability. Trade relations are fair business is active. Payments are usually correct. The company can be considered for normal 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Vijay
Designation :	Marketing Department
Contact No.:	91-8879660105/8879660103
Date :	16.11.2015

LOCATIONS

Registered Office :	S. No.68, Utopia, Palace, C-11, Opposite Raheja Woods, Wanowrie, Pune-411040, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-8879660105/8879660103 (Mr. Vijay)
Fax No.:	Not Available
E-Mail :	softech@softechpharma.com info@softechpharma.com
Website :	http://www.softechpharma.com
Factory :	Survey No.708/6 and 7, Behind Somnath Temple, Somnath Road, Dabhel,  Nani Daman-396215, India
Tel No.:	91-260-2242705/2242806/5546565
Fax No.:	91-260-2242811
Marketing Office :	Plot No 83, B/2, L B S Marg, Near Kala Industrial Estate, Opposite Shangrila Biscuits Factory, Bhandup (West), Mumbai- 400078, Maharashtra, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Nitin Manilal Thakker

Designation :

Managing Director

Address :

270, Kothari Sadan,, 11th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

24.07.1949

Date of Appointment :

10.10.2003

DIN No.:

00134554

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	U99999MH1962PTC012409	SOFTESULE PRIVATE LIMITED	Managing director	29/06/1995	29/06/1995	-	Active	NO
2	U18101MH1998PTC112761	MITUL ENTERPRISES PRIVATE LIMITED	Director	01/01/1998	01/01/1998	-	Active	NO
3	U55200PN1985PTC141008	E-Square Leisure Private Limited	Director	14/08/1998	14/08/1998	-	Active	NO
4	U24231PN2003PTC019882	SOFTECH PHARMA PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
5	U85100MH2002PLC137908	JUPITER LIFE LINE HOSPITALS LIMITED	Director	26/09/2009	26/09/2009	-	Active	NO
6	U70100MH1987PTC042732	SAMUDRA CONSTRUCTIONS PRIVATE LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO
7	U45202MH2011PTC213720	KARUL INFRASTRUCTURE PRIVATE LIMITED	Director	27/03/2011	27/03/2011	-	Active	NO
8	U74999MH2014PTC256141	SOFT HEALTHCARE PRIVATE LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
9	U74999MH2014PTC260015	Softech Medical Marketing Private Limited	Director	08/12/2014	08/12/2014	-	Active	NO
10	AAE-7154	MITUL STORES LLP	Designated Partner	08/09/2015	08/09/2015	-	Active	NO

Name :

Mr. Rajubhai Biharibhai Amin

Designation :

Director

Address :

302, Temple Bells, 37, K.M.Munshi Marg, Chowpatty, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

07.06.1963

Date of Appointment :

10.10.2003

DIN No.:

00144398

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	U99999MH1962PTC012409	SOFTESULE PRIVATE LIMITED	Director	29/06/1995	29/06/1995	-	Active	NO
2	U24231PN2003PTC019882	SOFTECH PHARMA PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
3	U74999MH2014PTC260015	Softech Medical Marketing Private Limited	Director	08/12/2014	08/12/2014	-	Active	NO

Name :

Mr. Manoj Natwarlal Shah

Designation :

Director

Address :

26,Krishna Kunj, 29/30, K. M. Munshi Marg, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

04.08.1951

Date of Appointment :

06.01.2005

DIN No.:

00144327

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	U24231PN2003PTC019882	SOFTECH PHARMA PRIVATE LIMITED	Director	06/01/2005	06/01/2005	-	Active	NO
2	U74999MH2014PTC260015	Softech Medical Marketing Private Limited	Director	08/12/2014	08/12/2014	-	Active	NO

Name :

Mr. Mitul Nitin Thakker

Designation :

Director

Address :

270, Kothari Sadan, 11th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

20.10.1976

Date of Appointment :

06.01.2005

DIN No.:

01328581

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	U18101MH1998PTC112761	MITUL ENTERPRISES PRIVATE LIMITED	Director	01/01/1998	01/01/1998	-	Active	NO
2	U55200PN1985PTC141008	E-Square Leisure Private Limited	Director	27/12/2004	27/12/2004	-	Active	NO
3	U24231PN2003PTC019882	SOFTECH PHARMA PRIVATE LIMITED	Director	06/01/2005	06/01/2005	-	Active	NO
4	U70100MH1987PTC042732	SAMUDRA CONSTRUCTIONS PRIVATE LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO
5	U45202MH2011PTC213720	KARUL INFRASTRUCTURE PRIVATE LIMITED	Director	27/03/2011	27/03/2011	-	Active	NO
6	U74999MH2014PTC256141	SOFT HEALTHCARE PRIVATE LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
7	AAE-7154	MITUL STORES LLP	Designated Partner	08/09/2015	08/09/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Nitin M. Thakker Asha N. Thakker	250000
Asha N. Thakker Nitin M. Thakker	125000
Mitul N. Thakker Nitin M. Thakker	125000
Raju B. Amin Dipti R. Amin	160000
Dipti R. Amin Raju B. Amin	30000
Bharati B. Amin Shital B. Amin	30000
Shital B. Amin Raju B. Amin	30000
Manoj N. Shah Jahanavi M. Shah Nimish M. Shah	43000
Manoj N. Shah Jahanavi M. Shah Mrinal M. Shah	43000
Jahanavi M. Shah Manoj N. Shah	86000
Mrinal M. Shah Manoj N. Shah	2000
Nimish M. Shah Manoj N. Shah	2000
Siddharth N. Shah Geetaa S. Shah	38500
Savita N. Shah Siddharth N. Shah	9200
Savita N. Shah Atul N. Shah	9200
Savita N Shah Manoj N. Shah	9100
Neel A. Shah	4000
Ashiesh S. Shah (Mrs) Geetaa S. Shah	2000
Yash S. Shah Amrita Y. Shah	2000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing Soft Gelatin Capsules and Encapsulating Machines and Accessories.
Products :	· Soft Gelatin Capsules · Encapsulating Machines and Accessories
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Bank Name	Axis Bank Limited
Branch	Vardhman Chambers, Sector – 17, Vashi, Navi, Mumbai - 400705, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working Capital Loan from Bank (secured by Hypothecation of Stocks and Book Debts)	10.075	10.033
Total	10.075	10.033

Auditors :
Name :	Janak Majethia and Associates Chartered Accountants
Address :	Royal Crest, 304, 3rd Floor, L. T. Colony Road No. A, Kohinoor Road, Dadar (East), Mumbai-400014, Maharashtra, India
Tel. No.:	91-22-24178039
PAN N Income-tax PAN of auditor or auditor's firm :	AFLPM0208A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	176.572	145.682	119.720
(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)	186.572	155.682	129.720
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.994	2.449	2.107
(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)	2.994	2.449	2.107
(4) Current Liabilities
(a) Short term borrowings	14.575	16.433	17.937
(b) Trade payables	74.395	80.145	47.632
(c) Other current liabilities	14.026	6.334	4.985
(d) Short-term provisions	1.170	0.000	0.000
Total Current Liabilities (4)	104.166	102.912	70.554
TOTAL	293.732	261.043	202.381
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.547	58.397	55.819
(ii) Intangible Assets	0.136	0.227	0.051
(iii) Capital work-in-progress	0.000	0.805	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.295	1.036	1.029
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.988	60.475	56.909
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	49.932	55.487	38.974
(c) Trade receivables	151.603	112.158	90.013
(d) Cash and cash equivalents	11.895	27.544	13.585
(e) Short-term loans and advances	7.823	5.062	2.575
(f) Other current assets	0.491	0.317	0.325
Total Current Assets	221.744	200.568	145.472
TOTAL	293.732	261.043	202.381

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	603.589	446.347	372.908
		Other Income	NA	0.642	0.548
		TOTAL	NA	446.989	373.456
Less	EXPENSES
		TOTAL	NA	413.384	351.037
	PROFIT/ (LOSS) BEFORE TAX		47.205	33.605	22.419
Less	TAX (H)		15.145	7.643	4.138
	PROFIT/ (LOSS) AFTER TAX		32.060	25.962	18.281
	EARNINGS IN FOREIGN CURRENCY		49.570	24.776	NA
	Earnings / (Loss) Per Share (Rs.)		32.06	25.96	18.28

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
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.31	5.82	4.90
Return on Total Assets (PBT/Total Assets}	(%)	16.07	12.91	11.08
Return on Investment (ROI) (PBT/Networth)		0.25	0.22	0.17
Debt Equity Ratio (Total Debt /Networth)		0.08	0.11	0.14
Current Ratio (Current Asset/Current Liability)		2.13	1.95	2.06

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	10.000	10.000	10.000
Reserves & Surplus	119.720	145.682	176.572
Net worth	129.720	155.682	186.572
long-term borrowings	0.000	0.000	0.000
Short term borrowings	17.937	16.433	14.575
Total borrowings	17.937	16.433	14.575
Debt/Equity ratio	0.138	0.106	0.078

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	372.908	446.347	603.589
		19.694	35.229

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	372.908	446.347	603.589
Profit	18.281	25.962	32.060
	4.90%	5.82%	5.31%

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)	No
16]	No. of employees	No
17]	Details of sister concerns	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Other Loans and Advances from Directors and Shareholders	4.500	6.400
Total	4.500	6.400

CORPORATE INFORMATION

The company is pharmaceutical Industry, manufacturing unit located at Daman and Diu Manufacturing Soft Gelatin Capsules and Encapsulating Machines and Accessories. The company manufacture these capsules and contractual or loan license basis, where its premises, equipment and expertise of qualified staff are loaned to the parties for making capsules. It has also marketing division in Mumbai.

FINANCIAL RESULTS AND OPERATIONS:

During the year the company recorded a total income of Rs.603.589 Million against of Rs.446.347 Million in the previous year. The company during the year made profit Rs.47.205 as against of Rs. 33.605 Million (before tax) and Rs. 32.060 Million as against Rs.25.962 (after tax) in the 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	80061680	19/01/2006	27,500,000.00	UTI BANK LIMITED	DHIRAJ BAUG, LBS MARG, NEAR HARINIWAS CIRCLE, THANE , Maharashtra - 400602, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Building

· Air conditioner

· Fax Machine

· Computer

· Office equipment

· Generator

· Furniture

· Plant and Equipment

Intangible Assets

· Computer Software

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.101.66
Euro	1	Rs.73.97

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.