MIRA INFORM REPORT

Report No. :	345676
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	MBR FLEXIBLES LIMITED (w.e.f. 25.03.2011)
Formerly Known As :	MBR FLEXIBLES PRIVATE LIMITED
Registered Office :	B/411, Mardia Plaza, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat
Tel. No.:	91-79-26460081
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.10.2010
Com. Reg. No.:	04-062715
Capital Investment / Paid-up Capital :	Rs. 9.865 Million
CIN No.: [Company Identification No.]	U21000GJ2010PLC062715
IEC No.:	0811003591
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCM8140E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporting and Importing flexible packaging such as products of flexible packaging products such as laminated rolls, laminated films, plastic films etc.
No. of Employees :	85 (Approximately)

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 Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated on October 2010, was jointly promoted by Mr. Mahaveer Chopra, Mr. Sidharth Chopra, Mr. Mohit Chopra and Mr, Sagar Chopra. Rating takes into consideration company’s increasing operating income and cash accruals and its profitability margin along with improvement into capital structure and debt coverage indicators during FY14 (refers to the period April 1 to March 31). The ratings continue to derive strength from stable long-term prospects of the flexible packaging industry and the promoter’s overall business experience. The ratings remain constrained due to its presence in the highly fragmented and competitive packaging industry, susceptibility of profitability to raw material price fluctuations and foreign exchange fluctuations. 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	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	CARE
Rating	Long term Bank Facilities: BB-
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	February 19, 2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 19, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Mohit
Designation :	Director
Contact No.:	91-9099055755
Date :	19.10.2015

LOCATIONS

Registered Office :	B/411, Mardia Plaza, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26460081
Mobile No.:	91-9099055755 (Mr. Mohit)
Fax No.:	91-79-40325650
E-Mail :	info@mbrflexibles.com
Website :	www.mbrflexibles.com
Location :	Owned
Locality :	Industrial
Factory :	Block No. 79/80, Near Chacharwadi Temple, Vasna, Sarkhej-Bavla Highway, Sanand, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-655505 / 655506

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Mohit Kumar Chopra

Designation :

Director

Address :

Santok Chand Rangwala, Mahaveer Colony, Balotra, Barmer - 344022, Rajasthan, India

Date of Birth/Age :

04.07.1984

Date of Appointment :

22.10.2010

DIN No.:

03280690

Name :

Mr. Sagar Kumar Chopra

Designation :

Director

Address :

Padmavati Nagar, Ward No.1, Balotra, Barmer - 344022, Rajasthan, India

Date of Birth/Age :

02.06.1986

Date of Appointment :

22.10.2010

DIN No.:

03280700

Name :

Mr. Mahaveer Chand Chopra

Designation :

Director

Address :

R/O.11, Mahaveer Colony, Balotra, Tehsil. Pachpadra, Barmer - 344022, Rajasthan, India

Date of Birth/Age :

29.02.1972

Date of Appointment :

22.12.2010

DIN No.:

03330262

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	U21000GJ2010PLC062715	MBR FLEXIBLES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
2	U32107GJ2011PTC066977	MBR COMMUNICATIONS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	-	Active	NO
3	U45201RJ2011PTC035429	NIKI BUILDCON PRIVATE LIMITED	Director	26/03/2015	26/03/2015	-	Active	NO

Name :

Mr. Siddharth Chopra

Designation :

Director

Address :

A/61, Tirth Bhumi Apartment, Near Lawgarden E.B., Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

23.03.1982

Date of Appointment :

22.12.2010

DIN No.:

03348807

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	U21000GJ2010PLC062715	MBR FLEXIBLES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
2	U32107GJ2011PTC066977	MBR COMMUNICATIONS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Mohit Chopra	20500
Sagar Chopra	20500
Mahaveer Chand Chopra	84000
Siddharath Chopra	20000
Manak Chand Chopra	11000
Kantilal Chopra	37000
Motilal Chopra	15000
Mansi Chopra	1000
Santokchand Chopra	75000
Mohini Devi Chopra	64000
Rajni Devi Chopra	108000
Manju Devi Chopra	82000
Sangeeta Devi Chopra	104000
Santokchand Manakchand HUF	87200
Manakchand Siddharth HUF	115200
Kantilal Mohitkumar HUF	35200
Motilal Sagarkumar HUF	95700
Mahaveerchand Yashkumar HUF	11200
Total	986500

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Importing flexible packaging such as products of flexible packaging products such as laminated rolls, laminated films, plastic films etc.
Products :	· Laminated Rolls · Laminated Films · Plastic Films, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Plastic Films
Countries :	· Saudi Arabia
Imports :
Products :	Raw Materials
Countries :	· Chile · Jeddah countries · Dubai etc.
Terms :
Selling :	L/C and Others (Online)
Purchasing :	L/C and Others (Online)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sundarshan Enterprises
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 :

Manufacturer

Reference :	Chirai Salt India Private Limited
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 :

85 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Changodar SME Branch, Ahmedabad (India)
Person Name (With Designation)	Not Divulged
Contact Number	91-2717-250366 (Ringing)
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)
Long-term Borrowings
State Bank of India - Term Loan (Securities - 1) Hypothecation of all Existing and Future Plant and Machinery and Fixtures of Company 2) EM of Factory, office land and building at Block No 79 - Village Chacharwadi, Vasna, District Ahmedabad admeasuring area 5928.00 Sq. Yard.)	44.683	54.392
Car Loan (Secured against Honda City Car)	0.515	0.000
Short-term borrowings
Other loans and advances
Cash Credit Facility with State Bank of India ( Rate Of Interest : 12.60%) (Hypothecation charge Over Stock and Book debts as well as entire Current Assets of the Company)	39.231	33.161
Letter of Credit Facility with State Bank of India	40.468	0.000
Total	124.897	87.553

Auditors :
Name :	Pipara and Company Chartered Accountants
Address :	Pipara Corporate House, Near Gruh Finance, Netaji Marg, Law Garden, Ahmedabad – 380006, Gujarat, India
Tel No.:	79-40370370
Fax No.:	79-40370376
PAN. No.:	AABFP9063B
Memberships :	-----
Collaborators :	-----
Associates/ Subsidiaries:	· Not Available

CAPITAL STRUCTURE

AFTER 25.09.2014

Authorised Capital : Rs. 10.500 Million

Issued, Subscribed & Paid-up Capital : Rs. 10.165 Million

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
986500	Equity Shares	Rs.10/- each	Rs. 9.865 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	9.865	9.865	6.410
(b) Reserves & Surplus	63.868	58.522	24.692
(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)	73.733	68.387	31.102
(3) Non-Current Liabilities
(a) long-term borrowings	82.266	88.760	65.631
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	82.266	88.760	65.631
(4) Current Liabilities
(a) Short term borrowings	79.699	33.161	0.000
(b) Trade payables	57.812	13.762	0.201
(c) Other current liabilities	19.831	35.721	4.770
(d) Short-term provisions	1.271	0.810	0.000
Total Current Liabilities (4)	158.613	83.454	4.971
TOTAL	314.612	240.601	101.704
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	140.015	118.907	0.271
(ii) Intangible Assets	0.000	7.714	75.303
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.566	2.217	1.654
(e) Other Non-current assets	0.310	0.100	2.600
Total Non-Current Assets	142.891	128.938	79.828
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.184	25.864	0.543
(c) Trade receivables	105.439	68.823	1.095
(d) Cash and cash equivalents	10.890	4.657	0.859
(e) Short-term loans and advances	13.593	11.499	18.322
(f) Other current assets	0.615	0.820	1.057
Total Current Assets	171.721	111.663	21.876
TOTAL	314.612	240.601	101.704

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Net Revenue From Operations	350.055	157.702	11.006
	Other Income	4.529	1.655	0.195
	TOTAL	354.584	159.357	11.201
Less	EXPENSES
	Cost of Materials Consumed	289.062	139.528	0.000
	Cost of Purchases of Trading Goods	0.000	0.000	7.473
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.965	(11.228)	(0.543)
	Employees benefits expense	12.615	7.505	0.000
	Exceptional items (foreign fluctuation loss)	1.779	0.000	0.000
	Extraordinary items	0.000	0.000	3.526
	Other expenses	23.086	11.436	0.443
	TOTAL	329.507	147.241	10.899
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	25.077	12.116	0.302
Less	FINANCIAL EXPENSES	12.575	4.865	0.056
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12.502	7.251	0.246
Less/ Add	DEPRECIATION/ AMORTISATION	5.831	3.140	0.095
	PROFIT/ (LOSS) BEFORE TAX	6.671	4.111	0.151
Less	TAX	1.325	0.875	0.000
	PROFIT/ (LOSS) AFTER TAX	5.346	3.236	0.151
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3.387	0.151	0.000
	BALANCE CARRIED TO THE B/S	8.733	3.387	0.151
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	7.853	0.000	NA
	TOTAL EARNINGS	7.853	0.000	NA
	VALUE OF IMPORTS	37.848	3.993	NA
	Earnings / (Loss) Per Share (Rs.)	5.42	3.28	0.24

Particulars	31.03.2015
Sales Turnover (Approximately)	500.000

The above information has been parted by Mr. Mohit (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
State Bank of India - Term Loan	12.400	12.400	0.000
Car Loan	0.240	0.000	0.000
Total	12.640	12.400	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Net Revenue From Operations)	(%)	1.53	2.05	1.37
Operating Profit Margin (PBIDT/ Net Revenue From Operations)	(%)	7.16	7.68	2.74
Return on Total Assets (PBT/Total Assets}	(%)	2.12	1.71	0.15
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.00
Debt Equity Ratio (Total Debt /Networth)		2.37	1.96	2.11
Current Ratio (Current Asset/Current Liability)		1.08	1.34	4.40

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	6.410	9.865	9.865
Reserves & Surplus	24.692	58.522	63.868
Share Application money pending allotment	0.000	0.000	0.000
Net worth	31.102	68.387	73.733
long-term borrowings	65.631	88.760	82.266
Short term borrowings	0.000	33.161	79.699
Current maturities of long-term debts	0.000	12.400	12.640
Total borrowings	65.631	134.321	174.605
Debt/Equity ratio	2.110	1.964	2.368

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)
Net Revenue From Operations	11.006	157.702	350.055
		1332.873	121.972

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Net Revenue From Operations	11.006	157.702	350.055
Profit	0.151	3.236	5.346
	1.37%	2.05%	1.53%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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)
Long Term Borrowings
Loans and advances from related parties
Dir Mahaveer Chopra	2.638	2.638
Dir Mohit Chopra	0.107	0.108
Dir Sagar Chopra	0.623	0.623
Dir Siddharth Chopra	0.170	0.170
Dir Kanti Lal Chopra	1.500	0.000
Kantilal Mohitkumar Huf	0.559	1.559
Mahaveerchand Yashkumar Huf	0.713	1.713
Manakchand Sidharth Huf	1.423	2.423
Motilal Chopra	1.595	1.595
Motilal Sagarkumar Huf	4.600	2.600
Santokchand Chopra	2.862	4.862
Santokchand Manakchand Huf	3.655	3.655
Smt. Manjudevi Chopra	2.079	2.079
Smt. Mohinidevi Chopra	2.079	2.079
Smt. Rajanidevi Chopra	4.986	3.986
Smt. Sangeetadevi Chopra	7.479	4.278
Total	37.068	34.368

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10312381	18/03/2015 *	183,600,000.00	STATE BANK OF INDIA	SMALL AND MEDIUM ENTERPRISE BRANCH, TAJPUR PATIYA, SARKHEJ-BAVLA HIGHWAY, CHANGODAR, AHMEDABAD - 382213, GUJARAT, INDIA	C50234004

* Date of charge modification

FIXED ASSETS

Tangible Assets:

· Building

· Factory Equipments

· Furniture

· Computer, Computer Software , Printers

· Office Equipments

· Vehicles

· Land

· Plant and Machinery

· Air Compressor

· Boiler

· Cooling Tower

· Cylinder and Rubber Roller

· Extrusion Machine

· Lab Testing Machine

· Lamination Machine

· Pouching Machine

· Slitters

· Transformers

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. 65.15
UK Pound	1	Rs. 100.53
Euro	1	Rs. 73.97

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
Report Prepared by :	SANS

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	YES
--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 unfavorable 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.