MIRA INFORM REPORT

Report No. :	343533
Report Date :	05.10.2015

IDENTIFICATION DETAILS

Name :	S R C CHEMICALS PRIVATE LIMITED

Registered Office :	3-A&B, Archies Court, Shankar Seth Road, Pune – 411037, Maharashtra
Tel. No.:	91-20-26434078/ 79/ 80/ 81/ 82/ 83

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.08.2002

Com. Reg. No.:	11-017227

Capital Investment / Paid-up Capital :	Rs.20.865 Million

CIN No.: [Company Identification No.]	U14107PN2002PTC017227

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	PNES07407B

PAN No.: [Permanent Account No.]	AAHCS4272J

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the manufacturing of Ferro Molybdenum and Calcined Lime and Trading of Fluorspar Powder, Sponge Iron, Iron Ore Pallets, Dolo Lime.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject was erstwhile started as a proprietary concern in 1998 and converted to private limited company in 2002. It is an established company having satisfactory track. It is the manufacturer, trader and importer of calcined lime, sinter grade lime, hydrated lime and limestone. The company has reported 26% growth in its operating revenue during the year 2014 which has resulted increase in profit of the company. Moreover, rating considers company’s acceptable financial risk profile marked by adequate networth base, improved profit margins and good debt protection indicators. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Short term bank facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September, 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.

LOCATIONS

Registered / Corporate Office :	3-A&B, Archies Court, Shankar Seth Road, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-26434078/ 79/ 80/ 81/ 82/ 83
Fax No.:	91-20-26434083/ 24449333
E-Mail :	csnavin@gmail.com pune@shreeram.net srccpune@rediffmail.com sureshlakhotia@vsnl.net sreepune@rediffmail.com sknpune@yahoo.com
Website :	www.shreeram.net

Factory 1:	Gat No.754, Village Boriaendi, Near Urli Kanchan, Taluka Daund, District Pune, Maharashtra, India

Factory 2:	Sy. No. 5, Alla Nagar, Post, Ginigera, District Koppal, Karnataka, India

Factory 3:	Vishakapatnam, Andhra Pradesh, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Suresh Kumar Sevaram Lakhotia

Designation :

Managing Director

Address :

3 - A and B, Gera Grand, Gidney Park,, Salisbury Park, Pune - 411037, Maharashtra, India

Date of Appointment :

30.09.2014

PAN No.:

AAZPL4337L

DIN No.:

00038720

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	U14219RJ1994PTC008069	SHREE RAM LIME PRODUCTS Private LIMITED	Director	19/08/1995	19/08/1995	-	Active	NO
2	U14101RJ1995PTC011231	WHITE 'N' WHITE MINERALS PRIVATE LIMITED	Director	01/06/2002	01/06/2002	31/03/2007	Active	NO
3	U14107PN2002PTC017227	S R C CHEMICALS PRIVATE LIMITED	Managing director	30/09/2014	21/08/2002	-	Active	NO
4	U23101KA1997PTC056462	HOSPET ISPAT Private LIMITED	Managing director	01/12/2004	01/12/2004	05/06/2010	Active	NO
5	U51909WB1995PTC068071	RITONA VINIMAY PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
6	U27102PN2007PTC130073	SHREE SHUBHAM ISPAT PRIVATE LIMITED	Director	30/04/2007	30/04/2007	-	Active	NO
7	U60230PN2007PTC130982	SHREE RAM CARGO PRIVATE LIMITED	Director	14/11/2007	14/11/2007	-	Active	NO
8	U51109WB1995PTC068458	SRIDHAR CORPORATE MANAGEMENT PRIVATE LIMITED	Director	08/11/2008	08/11/2008	-	Active	NO
9	U51109WB1999PTC089693	G S SOLVENT PRIVATE LIMITED	Director	30/09/2014	25/10/2013	-	Active	NO

Name :

Mr. Meena Suresh Kumar Lakhotia

Designation :

Whole-Time Director

Address :

3 - A and B, Gera Grand, Gidney Park, Salisbury Park, Pune - 411037, Maharashtra, India

Date of Appointment :

15.01.2015

PAN No.:

ABLPL0614P

DIN No.:

00056135

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	U14219RJ1994PTC008069	SHREE RAM LIME PRODUCTS Private LIMITED	Director	01/03/1994	01/03/1994	-	Active	NO
2	U23101KA1997PTC056462	HOSPET ISPAT Private LIMITED	Director	20/11/1997	20/11/1997	03/08/2007	Active	NO
3	U14107PN2002PTC017227	S R C CHEMICALS PRIVATE LIMITED	Whole-time director	15/01/2015	21/08/2002	-	Active	NO
4	U27102PN2007PTC130073	SHREE SHUBHAM ISPAT PRIVATE LIMITED	Director	30/04/2007	30/04/2007	-	Active	NO
5	U60230PN2007PTC130982	SHREE RAM CARGO PRIVATE LIMITED	Director	14/11/2007	14/11/2007	-	Active	NO
6	U60221RJ2008PTC026178	SV CARRIERS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO

Name :

Mr. Sunil Kumar Lakhotia

Designation :

Whole-Time Director

Address :

Shree Sadan, Door No. 236, Ward No. 29, Second Cross, M J Nagar, Hospet - 583201, Karnataka, India

Date of Appointment :

30.09.2014

DIN No.:

00445280

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	U14107PN2002PTC017227	S R C CHEMICALS PRIVATE LIMITED	Whole-time director	30/09/2014	21/08/2002	-	Active	NO
2	U51900WB2005PTC106066	GUNMALA VINIMAY PRIVATE LIMITED	Director	19/10/2007	19/10/2007	-	Active	NO
3	U27300GJ2008PTC055245	SHREE LAXMIHARI ISPAT PRIVATE LIMITED	Director	15/10/2008	15/10/2008	16/04/2011	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Suresh Kumar Lakhotia		33960
Meena Suresh Lakhotia		15500
Sunil Lakhotia		1250
Sridhar Corporate Management Private Limited, India		88900
Savitri Lakhotia		5000
S K Lakhotia (Huf)		11000
Smriti Baheti (Lakhotia)		3200
Bajranglal Bajaj		10
Hemant Agnihotri		10
O P Karwa		10
R Harish		10
Sanjeev Kumar Singh		2010
Tushar Sheth		10
Lokendra Singh		10
Darpan Barter Private Limited, India		2200
Ritona Vinimay Private Limited, India		28000
Deepak Agarwal		1360
Sakshi Lakhotia		700
Ronit Capital Management Private Limited, India		1370
Anagi Trading Private Limited, India		3440
Rightlink Infraproject Private Limited, India		5510
Henna Textiles Limited, India		1720

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	64.51
Directors or relatives of Directors	31.97
Other top fifty shareholders	3.52
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of Ferro Molybdenum and Calcined Lime and Trading of Fluorspar Powder, Sponge Iron, Iron Ore Pallets, Dolo Lime.

Products :	Ferro Molybdenum Calcined Lime Fluorspar Powder Sponge Iron Iron Ore Pallets Dolo Lime

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Not Available

Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, 1548/A Off Tilak Road, Sadashiv Peth, Pune – 411030, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	119.263	90.044
Total	119.263	90.044

Auditors :
Name :	S. K. Naredi and Company Chartered Accountants
Address :	Office No. 310, Gera Garden, Building No.1, Near St. Mira's College, 7A, Koregaon Park Road, Pune – 411001, Maharashtra, India
PAN No.:	AAFFS1613J

Memberships :	Not Available

Collaborators :	Not Available

Associates :	G. S. Solvent Private Limited

Entities in which Directors/ KMP / Relatives of KMP can exercise significant influence :	Suresh Kumar Lakhotia (HUF) Shree Ram Minerals Shubham logistics Shubham Minerals and Chemicals Yash Enterprises

Private Limited Companies in which Directors/ KMP / Relatives of KMP can exercise significant influence :	Shree Ram Lime Products Private Limited Shree Ram Lime Cargo Private Limited Ritona Vinimay Private Limited Shridhar Corporate Management Private Limited Sino Meta and Mineral Company Limited S.V. Carriers Private Limited Gunmala Vinimay Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital: Rs.30.000 Million

Issued, Subscribed & Paid-up Capital: Rs.24.081 Million

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

300000	Equity Shares	Rs.100/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

208650	Equity Shares	Rs.100/- each	Rs.20.865 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	20.865	20.865	20.865
(b) Reserves & Surplus	157.736	117.344	93.707
(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)	178.601	138.209	114.572

(3) Non-Current Liabilities
(a) long-term borrowings	76.144	39.951	42.774
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.468	2.784	3.311
Total Non-current Liabilities (3)	78.612	42.735	46.085

(4) Current Liabilities
(a) Short term borrowings	119.263	90.044	45.722
(b) Trade payables	128.991	72.159	66.016
(c) Other current liabilities	3.883	4.106	3.470
(d) Short-term provisions	21.117	13.778	9.768
Total Current Liabilities (4)	273.254	180.087	124.976

TOTAL	530.467	361.031	285.633

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.439	45.976	37.443
(ii) Intangible Assets	0.888	0.216	0.003
(iii) Capital work-in-progress	25.072	0.907	6.357
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	24.896	10.632	17.956
(c) Deferred tax assets (net)	0.419	0.459	1.365
(d) Long-term Loan and Advances	1.235	1.193	0.486
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	108.949	59.383	63.610

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.743	34.891	49.194
(c) Trade receivables	348.290	225.745	161.522
(d) Cash and cash equivalents	3.116	1.498	2.697
(e) Short-term loans and advances	6.301	24.801	0.332
(f) Other current assets	20.068	14.713	8.278
Total Current Assets	421.518	301.648	222.023

TOTAL	530.467	361.031	285.633

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1350.000	1070.000
	Other Income	NA	NA
	TOTAL	NA	NA	779.637

Less	EXPENSES	NA	NA	757.705

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	NA	21.932

Less/ Add	DEPRECIATION/ AMORTISATION	NA	NA	4.048

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	17.884

Less	TAX	NA	NA	6.318

	PROFIT/ (LOSS) AFTER TAX	57.300	36.000	11.566

	IMPORTS
	Raw Materials	441.610	292.899	NA
	TOTAL IMPORTS	441.610	292.899	NA

	Earnings / (Loss) Per Share (Rs.)	274.62	172.53	55.43

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	0.533	0.855
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	22.516	(21.607)	49.546

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.24	3.36	NA

Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	6.88

Return on Investment (ROI) (PBT/Networth)		NA	NA	0.16

Debt Equity Ratio (Total Debt/Networth)		1.09	0.94	0.78

Current Ratio (Current Asset/Current Liability)		1.54	1.68	1.78

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	20.865	20.865	20.865
Reserves & Surplus	93.707	117.344	157.736
Net worth	114.572	138.209	178.601

long-term borrowings	42.774	39.951	76.144
Short term borrowings	45.722	90.044	119.263
Current Maturities of Long Term Debt	0.855	0.533	0.000
Total borrowings	89.351	130.528	195.407
Debt/Equity ratio	0.780	0.944	1.094

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1070.000	1350.000
		26.168

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1070.000	1350.000
Profit	36.000	57.300
	3.36%	4.24%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered address has been shifted from the 214 Poornims Towers, Shankarshet Road, Pune – 411037, Maharashtra, India to the present address w.e.f. 06.08.2008

CORPORATE INFORMATION

The Company is engaged in the manufacturing of Ferro Molybdenum and Calcined Lime and Trading of Fluorspar Powder, Sponge Iron, Iron Ore Pallets, Dolo Lime. The Company has manufacturing facilities located at Pune and Hospet.

SEGMENT INFORMATION

Primary Segment reporting (by Business Segment)

Segment	Products covered
Lime	Calcined Lime,Burnt Lime,Dololime
Alloys	Ferroalloys, Flourspar, Graphite
Steel and Iron	Sponge Iron, Eletcrodes and Nipples, Iron ore
Others	Coal

REVIEW OF PERFORMANCE

During the year, Company has performed well in terms of turnover and profit earning. Sales during the year were Rs.1350.000 Million compared with the previous year’s figures of Rs.1070.000 Million. Profit after tax was Rs.57.300 Million compared with Rs.36.000 Million in the previous year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Long repayable on demand	76.144	39.951
Total	76.144	39.951

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10547766	28/05/2015 *	363,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C64828056
2	10549110	02/02/2015	283,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C43617398

* Date of charge modification

FIXED ASSETS

Land
Buildings
Plant and Equipment
Factory Equipments
Furniture and Fixtures
Vehicles
Motor Vehicles
Office Equipment
Computer 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.07

INFORMATION DETAILS

Analysis Done by :	HNA

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	6
--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		48

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	--

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

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

MIRA INFORM REPORT

NA

NA

Unit