MIRA INFORM REPORT

Report No. :	349512
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	DAYAL FERTILIZERS PRIVATE LIMITED
Registered Office :	KM 10, Delhi Road, Partapur, Meerut – 250103, Uttar Pradesh
Tel. No.:	91-121-2440130
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.1978
Com. Reg. No.:	20-004680
Capital Investment / Paid-up Capital :	Rs.49.400 Million
CIN No.: [Company Identification No.]	U24121UP1978PTC004680
IEC No.:	0590028332
TAN No.: [Tax Deduction & Collection Account No.]	MRTD00071B
PAN No.: [Permanent Account No.]	AAACD8005H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing agricultural fertilizers which includes micronutrients, secondary nutrients, water soluble fertilizers, natural organic manures, natural plant growth promoter, bio-fertilizers, bio-pesticides, animal and poultry feed supplements and seeds.
No. of Employees :	Information declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1321000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in 1978. It is engaged into business of manufacturing of agriculture fertilizers, cattle feeds, pesticide etc. It has a satisfactory track record. The company has reported a Profit after tax (PAT) of Rs. 58.100 million on net sales of Rs.1345.400 million for the year 2014 as compared to PAT of Rs.51.790 million on net sales of Rs.1146.400 million for the year 2013. The company has good net worth base along with fair profitability. General financial position is satisfactory. Trade relations are reported to be fair. Business is active. Payments are usually correct. The company can be considered good for any 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 DECLINED BY

Name :	Mr. C. Kumar
Designation :	Finance Department
Contact No.:	91-9792201616
Date :	14.11.2015

LOCATIONS

Registered Office :	KM 10, Delhi Road, Partapur, Meerut – 250103, Uttar Pradesh, India
Tel. No.:	91-121-2440130 /31 /32, 2440028
Mobile No.:	91-9792201616 (Mr. C. Kumar-Finance Department)
Fax No.:	91-121-2440218
E-Mail :	finance@daylgroup.com abhay.kumar@dayalgroup.com
Website :	http://www.dayalgroup.com
Factory 1 :	Khasra No.811, 812 and 822, Meerut-Delhi, Partapur, Meerut, Uttar Pradesh, India
Factory 2 :	Khasra No.749, Baral Partapur, Delhi Road, Meerut, Uttar Pradesh, India

DIRECTORS

AS ON: 29.09.2014

Name :

Mr. Abhay Kumar Gupta

Designation :

Managing Director

Address :

167/3, Thapar Nagar, Meerut - 250002, Uttar Pradesh, India

Date of Birth/Age :

10.10.1982

Date of Appointment :

20.10.1978

DIN No.:

00273668

PAN No:

AACPG0029K

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	U24121UP1978PTC004680	DAYAL FERTILIZERS PRIVATE LIMITED	Managing director	20/10/1978	20/10/1978	-	Active	NO
2	U74899DL1988PTC032560	DAYAL BIOTECH PRIVATE LIMITED	Director	26/07/1988	26/07/1988	-	Active	NO
3	U27310UP1959PLC002698	HASTINAPUR SUGAR MILLS LIMITED	Director	23/01/1989	23/01/1989	-	Active	NO
4	U51311DL1998PTC094653	DAYAL SEEDS PRIVATE LIMITED	Director	24/06/1998	24/06/1998	-	Active	NO
5	U74899DL1998PTC095466	DAYAL INDUSTRIES Private Limited	Director	10/08/1998	10/08/1998	-	Active	NO
6	U74999UP2008PTC035617	DAYAL INFOSYSTEMS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
7	U74899DL1984PLC018714	SAI COMPUTERS LIMITED	Additional director	09/12/2011	09/12/2011	01/09/2012	Active	NO
8	U24233UP2015PTC069091	DAYAL CROP CARE PRIVATE LIMITED	Director	20/02/2015	20/02/2015	-	Active	NO

Name :

Mr. Anuj Kumar Gupta

Designation :

Director

Address :

B-1455, Indra Nagar, Lucknow - 226016, Uttar Pradesh, India

Date of Birth/Age :

24.12.1954

Date of Appointment :

10.05.1982

DIN No.:

00273844

PAN No :

ADEPG0963B

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	U24121UP1978PTC004680	DAYAL FERTILIZERS PRIVATE LIMITED	Director	10/05/1982	10/05/1982	-	Active	NO
2	U74899DL1984PTC018627	HIMALAYA MICRO NUTRIENTS PRIVATE LIMITED	Director	12/12/1990	12/12/1990	-	Active	NO
3	U74899DL1998PTC095466	DAYAL INDUSTRIES Private Limited	Whole-time director	01/10/2008	28/08/1998	-	Active	NO
4	U51311DL1998PTC094653	DAYAL SEEDS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
5	U74999UP2008PTC035617	DAYAL INFOSYSTEMS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
6	U24233UP2015PTC069091	DAYAL CROP CARE PRIVATE LIMITED	Director	20/02/2015	20/02/2015	-	Active	NO

Name :

Mrs. Geeta Kumar

Designation :

Director

Address :

167/3, Thapar Nagar, Meerut - 250002, Uttar Pradesh, India

Date of Birth/Age :

22.05.1953

Date of Appointment :

01.06.1994

DIN No.:

00284479

PAN No :

ABOPK4546Q

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	U24121UP1978PTC004680	DAYAL FERTILIZERS PRIVATE LIMITED	Director	01/06/1994	01/06/1994	-	Active	NO
2	U74899DL1998PTC095466	DAYAL INDUSTRIES Private Limited	Director	28/08/1998	28/08/1998	-	Active	NO
3	U74899DL1988PTC032560	DAYAL BIOTECH PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO

Name :

Mr. Vijay Dayal

Designation :

Director

Address :

293, Hari Nagar, Lucknow - 226018, Uttar Pradesh, India

Date of Birth/Age :

20.08.1945

Date of Appointment :

24.06.1989

DIN No.:

00305076

PAN No :

AASPD2654F

Name :

Mr. Ankit Gupta

Designation :

Whole-Time Director

Address :

B-1455, Indira Nagar, Lucknow - 226016, Uttar Pradesh, India

Date of Birth/Age :

10.10.1982

Date of Appointment :

01.10.2010

DIN No.:

02666658

PAN No :

AFPPG3259M

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	U72300UP2009PTC037690	DAYAL SOFTWARES PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
2	U24121UP1978PTC004680	DAYAL FERTILIZERS PRIVATE LIMITED	Whole-time director	01/10/2010	01/10/2010	-	Active	NO

Name :

Mr. Aman Kumar

Designation :

Whole-Time Director

Address :

167 Street 3, Thapar Nagar, Meerut - 250001, Uttar Pradesh, India

Date of Birth/Age :

13.06.1985

Date of Appointment :

01.01.2014

DIN No.:

06815934

PAN No :

ALXPK6215H

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	U24121UP1978PTC004680	DAYAL FERTILIZERS PRIVATE LIMITED	Whole-time director	01/01/2014	01/01/2014	-	Active	NO
2	U51311DL1998PTC094653	DAYAL SEEDS PRIVATE LIMITED	Director	01/04/2014	01/04/2014	-	Active	NO
3	U24233UP2015PTC069091	DAYAL CROP CARE PRIVATE LIMITED	Additional director	19/05/2015	19/05/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Abhay Kumar	174348
Anuj Gupta	61009
Anuj Kumar HUF	57970
Aman	20306
Anubhav	24822
Ankit	24750
Geeta Kumar	47252
Parul Gupta	494
Sarita Gupta	31369
B.D. Gupta and Sons, India	3
Abhay Kumar and Sons, India	51672
Meena Gupta	5
Total	494000

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 :	Subject is engaged in manufacturing agricultural fertilizers which includes micronutrients, secondary nutrients, water soluble fertilizers, natural organic manures, natural plant growth promoter, bio-fertilizers, bio-pesticides, animal and poultry feed supplements and seeds.
Products / Services :	· Micronutrients · Secondary nutrients · Water soluble fertilizers · Natural Organic Manures · Natural Plant Growth Promoter · Biofertilizers · Biopesticides · Animal and Poultry Feed Supplements · Seeds
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by Management

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, Ganga Plaza, Begum Bridge, Meerut – 250001, Uttar Pradesh, 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
Loans taken for other fixed assets (Secured by way of hypothecation of stocks and book debts and charge on fixed and current assets of the Company and also personal guarantee of directors.)	65.201	30.964
Total	65.201	30.964

Auditors :
Name :	Alok Agarwal and Company Chartered Accountants
Address :	293/7, Thapar Nagar, Meerut - 250001, Uttar Pradesh, India
PAN No:	AAMPA1932H
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Dayal Biotech Private Limited · Dayal Industries Private Limited · Dayal Seeds Private Limited · Abhay Kumar and Son s(HUF) · Anuj Kumar and Sons (HUF) · Dayal Softwares Private Limited

CAPITAL STRUCTURE

AS ON: 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
494000	Equity Shares	Rs.100/- each	Rs. 49.400 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	49.400	49.400	49.400
(b) Reserves & Surplus	413.081	354.931	303.140
(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)	462.481	404.331	352.540
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.812	2.364	2.387
(c) Other long term liabilities	25.808	21.089	19.137
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	27.620	23.453	21.524
(4) Current Liabilities
(a) Short term borrowings	78.127	38.096	25.362
(b) Trade payables	97.749	94.470	60.570
(c) Other current liabilities	184.703	163.314	146.118
(d) Short-term provisions	28.738	24.900	23.100
Total Current Liabilities (4)	389.317	320.780	255.150
TOTAL	879.418	748.564	629.214
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.917	64.449	64.914
(ii) Intangible Assets	0.883	1.077	0.367
(iii) Capital work-in-progress	0.000	0.520	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	22.916	21.821	21.746
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	102.087	102.389	103.536
(e) Other Non-current assets	0.380	0.605	0.630
Total Non-Current Assets	188.183	190.861	191.193
(2) Current assets
(a) Current investments	0.000	0.000	5.000
(b) Inventories	355.243	288.202	247.889
(c) Trade receivables	148.305	142.156	110.517
(d) Cash and cash equivalents	80.211	18.575	12.882
(e) Short-term loans and advances	77.289	83.283	38.286
(f) Other current assets	30.187	25.487	23.447
Total Current Assets	691.235	557.703	438.021
TOTAL	879.418	748.564	629.214

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	1345.400	1146.400	1041.274
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		86.300	76.300	72.413
Less	TAX		28.200	24.500	23.048
	PROFIT/ (LOSS) AFTER TAX		58.100	51.800	49.365
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		354.732	302.932	253.567
	BALANCE CARRIED TO THE B/S		NA	354.732	302.932
	EARNINGS IN FOREIGN CURRENCY		1.101	2.816	NA
	Earnings / (Loss) Per Share (Rs.)		117.61	104.86	NA

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 Flow from (used in) operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.32	4.52	4.74
Return on Total Assets (PBT/Total Assets}	(%)	10.08	10.51	11.92
Return on Investment (ROI) (PBT/Networth)		0.19	0.19	0.21
Debt Equity Ratio (Total Debt /Networth)		0.17	0.09	0.07
Current Ratio (Current Asset/Current Liability)		1.78	1.74	1.72

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	49.400	49.400	49.400
Reserves & Surplus	303.140	354.931	413.081
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	352.540	404.331	462.481
long-term borrowings	0.000	0.000	0.000
Short term borrowings	25.362	38.096	78.127
Total borrowings	25.362	38.096	78.127
Debt/Equity ratio	0.072	0.094	0.169

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)
Turnover	1041.274	1146.400	1345.400
		10.096	17.359

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	1041.274	1146.400	1345.400
Profit	49.365	51.800	58.100
	4.74%	4.52%	4.32%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	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	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 BORROWING
Loans and advances from related parties	12.926	7.132
Total	12.926	7.132

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90267945	09/03/2013 *	225,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, GANGA PLAZA, BEGUM BRIDGE, MEERUT – 250001, UTTAR PRADESH, INDIA	B72095367
2	90270464	30/06/1999	1,500,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE ; PARTAPUR, MEERUT, UTTAR PRADESH, INDIA	-
3	90270385	19/01/1998	400,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE ; PARTAPUR, MEERUT, UTTAR PRADESH, INDIA	-
4	90271063	12/05/2014 *	202,500,000.00	State Bank of India	COMMERCIAL BRANCH, GANGA PLAZA, BEGUM BRIDGE, MEERUT - 250001, UTTAR PRADESH - 250001, INDIA	C04075750

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Motor Vehicles

· Office Equipment

· Other

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.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	AKT
Report Prepared by :	ASN

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.