MIRA INFORM REPORT

Report No. :	346339
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED

Registered Office :	Maitri Bhavan, Plot No.18, Sector 8, Gandhidham, Kutch – 370201, Gujarat
Tel. No.:	91-2836-231588

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.01.1995

Com. Reg. No.:	04-024228

Capital Investment / Paid-up Capital :	Rs. 50.000 Million

CIN No.: [Company Identification No.]	U24110GJ1995PTC024228

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	RKTF00006G

PAN No.: [Permanent Account No.]	AAACF3177A

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in providing storage and handling of hazardous chemicals services

No. of Employees :	Not Divulged

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1995, having satisfactory track record. For the financial year 2014, the company has achieved profit of Rs. 33.604 Million which has increased from Rs. 29.588 Million, when compared from the year 2013. The company has adequate networth base along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments 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.

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. H. K. Notani
Designation :	Vice President
Contact No.:	91-9825226017

LOCATIONS

Registered Office :	Maitri Bhavan, Plot No.18, Sector 8, Gandhidham, Kutch – 370201, Gujarat, India
Tel. No.:	91-2836-231588
Mobile No.:	91-9825226017 (Mr. H. K. Notani)
Fax No.:	91-2836-233924
E-Mail :	mail@friendsgroupindia.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Sukhraj Amarchand Singhvi

Designation :

Managing Director

Address :

Plot No.100, Sector 2, Gandhidham, Kutch - 370201, Gujarat, India

Date of Birth/Age :

20.05.1949

Date of Appointment :

16.01.1995

DIN No.:

00246136

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	U65910GJ1992PTC018693	FRIENDS MERCANTILE PRIVATE LIMITED	Director	15/12/1992	15/12/1992	-	Active	NO
2	U63012GJ1993PTC034848	GEEPEE BULK HANDLERS PRIVATE LIMITED	Director	01/11/1994	01/11/1994	-	Active	NO
3	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
4	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	15/04/1997	15/04/1997	-	Active	NO
5	U27209GJ2004PLC043927	SHAH FOILS LIMITED	Director	06/04/2004	06/04/2004	17/07/2013	Active	NO
6	L17110GJ1962PLC001179	GANDHIDHAM SPINNING AND MANUFACTURING COMPANY LIMITED	Whole-time director	28/03/2015	03/09/2004	-	Active	NO
7	U17110GJ2005PTC045730	STRANDS TEXTILE MILLS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
8	U51100GJ2005PTC046863	SHANTINATH MOTORS PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
9	U10102TG2004PTC044967	NIDHI MINING PRIVATE LIMITED	Additional director	12/07/2006	12/07/2006	-	Active	NO
10	U51100MH2004PTC146355	Finkurve Commodities Private Limited	Additional director	10/11/2006	10/11/2006	29/09/2007	Active	NO

Name :

Mr. Arvind Vithaldas Joshi

Designation :

Director

Address :

Plot No.182, Sector 4, Gandhidham, Kutch - 370201, Gujarat, India

Date of Birth/Age :

12.01.1946

Date of Appointment :

16.01.1995

DIN No.:

00254213

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	U65910GJ1992PTC018693	FRIENDS MERCANTILE PRIVATE LIMITED	Director	15/12/1992	15/12/1992	-	Active	NO
2	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
3	U63090GJ1995PTC024605	GAUTAM FREIGHT PVT LTD	Director	13/02/1995	13/02/1995	-	Active	NO
4	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	01/07/1998	01/07/1998	-	Active	NO
5	U91110GJ1967GAP001454	KANDLA STEVEDORES ASSOCIATION LIMITED	Director	13/08/2003	13/08/2003	-	Active	NO
6	U35110GJ1995PTC024196	FRIENDS AND FRIENDS SHIPPING PRIVATE LIMITED	Director	03/10/2003	03/10/2003	-	Active	NO

Name :

Mr. Rameshkumar Amarchand Singhvi

Designation :

Director

Address :

Plot No.102, Sector 2, Gandhidham, Kutch - 370201, Gujarat, India

Date of Birth/Age :

13.02.1964

Date of Appointment :

04.11.1995

DIN No.:

00248278

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	U63090GJ1995PTC024605	GAUTAM FREIGHT PVT LTD	Director	13/02/1995	13/02/1995	-	Active	NO
2	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	04/11/1995	04/11/1995	-	Active	NO
3	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	15/04/1997	15/04/1997	-	Active	NO
4	U10102TG2004PTC044967	NIDHI MINING PRIVATE LIMITED	Director	01/01/2008	01/01/2008	-	Active	NO
5	U63011GJ1995PTC025611	VIKING LIGHTERAGE AND CARGO HANDLERS PRIVATE LIMITED	Additional director	22/12/2009	22/12/2009	-	Active	NO
6	U51100GJ2005PTC046863	SHANTINATH MOTORS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	-	Active	NO
7	U63020GJ2014PTC080834	SHREE SIMANDHARSWAMI WAREHOUSING PRIVATE LIMITED	Director	19/09/2014	19/09/2014	-	Active	NO

Name :

Mr. Babulal Amarchand Singhvi

Designation :

Director

Address :

Plot No.99, Sector 2, Gandhidham, Kutch -370201, Gujarat, India

Date of Birth/Age :

03.12.1952

Date of Appointment :

01.05.2000

DIN No.:

00248153

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	U63090GJ1995PTC024605	GAUTAM FREIGHT PVT LTD	Director	13/02/1995	13/02/1995	-	Active	NO
2	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	15/04/1997	15/04/1997	-	Active	NO
3	U32109GJ2000PLC037590	FRIENDS BULK HANDLERS LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
4	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	01/05/2000	01/05/2000	-	Active	NO
5	U27209GJ2004PLC043927	SHAH FOILS LIMITED	Director	06/04/2004	06/04/2004	17/07/2013	Active	NO
6	L24238MH1950PLC008313	THE KUTCH SALT AND ALLIED INDUSTRIES LIMITED	Director	03/12/2004	03/12/2004	-	Active	NO
7	U10102TG2004PTC044967	NIDHI MINING PRIVATE LIMITED	Additional director	12/07/2006	12/07/2006	-	Active	NO
8	U51100MH2004PTC146355	Finkurve Commodities Private Limited	Additional director	10/11/2006	10/11/2006	29/09/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. H. K. Notani
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Paramtap J. Vaidya		475000
Umaben P. Vaidya		475000
Aaditya Vaidya		1550000
Manjariben Vaidya		475000
Harsidh Vaidya		475000
Aarshi Vaidya		599700
Pooja Vaidya		700000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Other top 50 share Holders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing storage and handling of hazardous chemicals services

Products :	Oil and Gas Storage and Transportation

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 :	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 :

Not Divulged

Bankers :

Oriental Bank of Commerce, DBZ – 33/34, (South), Gandhidham, Kutch - 370201, Gujarat, India
Indian Overseas Bank, Gandhidham, Kutch, Gujarat, India
State Bank Of Indore, Gandhidham, Kutch, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from others	72.938	0.000
Other loans and advances	0.776	0.000

SHORT TERM BORROWING
Working capital loans from banks	2.317	0.164
Total	76.031	0.164

Auditors :
Name :	Dilip Shrimal and Associates Chartered Accountants
Address :	BBZ N-57, 1^st Floor, Zanda Chowk, Gandhidham, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AVLPS4924K

Memberships :	--

Collaborators :	--

Group Companies (As per Indirect Sources) :	Gautam Freight Private Limited Friends Salt Works and Allied Industries Terapanth Foods Limited Kandla Export Corporation Friends Oil and Chemical Terminal Private Limited The Kutch Salt & Allied Industries Limited Strand Textile Mill Private Limited Arvind V. Joshi and Company

Associates:	Friends Salt Works and Allied Industries

Subsidiaries :	Bharat Salt and Chemical Industries (Mundra Kutch) Limited CIN No.: U24298MH1951PLC010241

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	259.249	225.646	196.058
(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)	309.249	275.646	246.058

(3) Non-Current Liabilities
(a) long-term borrowings	73.714	0.000	0.000
(b) Deferred tax liabilities (Net)	3.522	4.169	5.174
(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)	77.236	4.169	5.174

(4) Current Liabilities
(a) Short term borrowings	2.317	20.164	48.652
(b) Trade payables	2.469	4.712	4.626
(c) Other current liabilities	28.952	2.971	13.480
(d) Short-term provisions	12.694	10.189	6.703
Total Current Liabilities (4)	46.432	38.036	73.461

TOTAL	432.917	317.851	324.693

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.254	46.941	54.738
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	70.799	70.799	70.788
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	158.981	87.106	91.611
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	272.034	204.846	217.137

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.755	0.641	2.193
(c) Trade receivables	10.128	5.628	14.823
(d) Cash and cash equivalents	21.947	3.003	1.514
(e) Short-term loans and advances	128.053	103.733	89.026
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	160.883	113.005	107.556

TOTAL	432.917	317.851	324.693

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	91.681	85.896	67.302

Less	EXPENSES
	TOTAL	35.837	34.746	30.190

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	55.844	51.150	37.112

Less/ Add	DEPRECIATION/ AMORTISATION	6.471	7.282	8.629

	PROFIT/ (LOSS) BEFORE TAX	49.373	43.868	28.483

Less	TAX	15.769	14.280	9.036

	PROFIT/ (LOSS) AFTER TAX	33.604	29.588	19.447

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	175.645	146.057	126.834

	BALANCE CARRIED TO THE B/S	209.249	175.645	146.057

	Earnings / (Loss) Per Share (Rs.)	6.72	5.92	3.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	26.220	0.486	10.272
Cash generated from operations	NA	NA	NA
Net cash flow from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	36.65	34.45	28.90

Return on Total Assets (PBT/Total Assets}	(%)	13.63	17.76	11.22

Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.12

Debt Equity Ratio (Total Debt /Networth)		0.33	0.07	0.24

Current Ratio (Current Asset/Current Liability)		3.46	2.97	1.46

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	50.000	50.000	50.000
Reserves & Surplus	196.058	225.646	259.249
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	246.058	275.646	309.249

long-term borrowings	0.000	0.000	73.714
Short term borrowings	48.652	20.164	2.317
Current maturities of long-term debts	10.272	0.486	26.220
Total borrowings	58.924	20.650	102.251
Debt/Equity ratio	0.239	0.075	0.331

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)
Total Income	67.302	85.896	91.681
		27.628	6.735

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	67.302	85.896	91.681
Profit	19.447	29.588	33.604
	28.90%	34.45%	36.65%

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	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	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

OPERATIONS

During the year, Turnover of the Company has increased from Rs.85.896 Million to Rs. 91.681 Million. Net Profit after tax has also increased from Rs. 29.573 Million to Rs. 33.419 Million accordingly.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties	0.000	20.000

Total	0.000	20.000

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10217542	04/03/2010	24,300,000.00	ORIENTAL BANK OF COMMERCE	DBZ-33/34, ( SOUTH ), GANDHIDHAM, Gujarat - 370201, INDIA	A83781625
2	90099690	10/03/2004 *	62,677,000.00	INDIAN OVERSEAS BANK	GANDHIDHAM BRANCH, GANDHIDHAM, Gujarat, INDIA	-
3	90099274	25/10/2000	500,000.00	STATE BANK OF INDORE	GANDHIDHAM BRANCH, GANDHIDHAM, KUTCH, Gujarat, INDIA	-
4	90098894	17/09/1998	390,000.00	ORIENTAL BANK COMMERCE	GANDHIDHAM BRANCH, GANDHIDHAM, Gujarat, INDIA	-
5	90098579	19/01/2005 *	2,000,000.00	ORIENTAL BANK COMMERCE	GANDHIDHAM BRANCH, GANDHIDHAM, Gujarat, INDIA	-
6	90098359	13/03/1996 *	16,000,000.00	ORIENTAL BANK OF COMMERCE	GANDHIDHAM BRANCH, GANDHIDHAM, Gujarat, INDIA	-

*Date of charge modification

FIXED ASSETS

Land
Buildings
Factory building
Plant and equipment
Factory equipments
Furniture and fixtures
Vehicles
Computer equipments
Office equipment

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.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	AMR

Report Prepared by :	SUJ

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	--

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

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