MIRA INFORM REPORT

Report No. :	346351
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	INTERNATIONAL TOBACCO COMPANY LIMITED
Registered Office :	Macropolo Building, Ground Floor, Next To Kala, Chowky P.O., Dr. Babasaheb Ambedkar Road, Lalbaug, Mumbai-400033, Maharashtra
Tel. No.:	91-120-2788235
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.08.1964
Com. Reg. No.:	11-013915
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U16000MH1964PLC013915
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI3492H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Tobacco and Cigarettes Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1278700
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Godfrey Philips India Limited, India, which is one of the leading tobacco manufacturer in India. The rating takes into consideration strong financial risk profile of the company marked by debt free capital structure of the company along with strong networth base. Further, the company has reported decent operational performance marked by increase in operating revenue base and its net profit in FY14. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong parent support, the company can be considered for business dealings with 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

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

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-120-2788235)

LOCATIONS

Registered Office :	Macropolo Building, Ground Floor, Next To Kala, Chowky P.O., Dr. Babasaheb Ambedkar Road, Lalbaug, Mumbai-400033, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	skgupta-gpi@modi.com
Factory 1:	Plot No. 19, MIDC TTC Industrial Area Rabale, Navi Mumbai-400701, Maharashtra, India
Factory 2:	P.O. Box No. 97 Guldhar, Ghaziabad-201001, Uttar Pradesh, India
Tel. No.:	91-120-2788235- 40
Fax No.:	91-120-2788247
Factory 3:	Landys + GYR Compound, Diamond Harbour Road, Kolkata-700053, West Bengal, India
Factory 4:	Plot No. C-9, Bazpur - 1, UPSIDC Industrial Area, District- Udham Singh Nagar, Uttrakhand 262123
Factory 5:	B-19, Site - 3, UPSIDC,= Meerut Road, District- Ghaziabad-201001, Uttar Pradesh, India

DIRECTORS

AS ON 23.09.204

Name :

Mr. Sanjay Kumar Gupta

Designation :

Director

Address :

63, Saakshara Apartments, A - 3, Paschim Vihar, New Delhi-110063, Delhi, India

Date of Birth/Age :

12.09.1964

Qualification :

CA, CS, CWA

Date of Appointment :

14.09.2012

DIN No.:

00027728

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	L99999DL1983PLC175992	RAMRAJ ENTERPRISES LIMITED	Director	29/01/2002	29/01/2002	-	Amalgamated	NO
2	L65993DL1980PLC202644	ANJNEY INVESTMENTS ANDTRADING COMPANY LIMITED	Director	31/01/2002	31/01/2002	-	Amalgamated	NO
3	U45200DL2006PLC156875	GOPAL KRISHNA INFRASTRUCTURE AND REAL ESTATE LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
4	L17299DL1983PLC163230	N K TEXTILE INDUSTRIES LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
5	U74899DL1987PLC028919	CITY LEASING AND FINANCE COMPANY LIMITED	Director	30/06/2009	04/11/2008	-	Amalgamated	NO
6	U45200DL2006PLC156832	RAJPUTANA INFRASTRUCTURE CORPORATE LIMITED	Director	30/06/2009	04/11/2008	-	Active	NO
7	U74899DL1984PLC017448	CHASE INVESTMENTS LIMITED	Director	30/06/2009	04/11/2008	-	Active	NO
8	U74899DL1973PLC006528	FRIENDLY REALITY PROJECTS LIMITED	Director	30/06/2009	04/11/2008	-	Active	NO
9	U74900DL1993PLC051770	MODICARE SALES AND SERVICES LIMITED	Director	01/09/2009	04/11/2008	-	Strike off	NO
10	U72200DL2006PTC152685	EUROPOWER TECHNO-SYSTEMS PRIVATE LIMITED	Director	02/09/2009	14/11/2008	-	Strike off	NO
11	U74899DL1993PLC051769	HOME COMMUNICATION NETWORK LIMITED	Director	14/11/2008	14/11/2008	23/03/2015	Active	NO
12	U74120DL2008PTC180929	PREMIUM TRADELINKS PRIVATE LIMITED	Director	01/09/2010	15/07/2010	-	Active	NO
13	U70100MH1988PLC046854	UNIQUE SPACE DEVELOPERS LIMITED	Director	23/08/2011	15/07/2010	-	Active	NO
14	L67120DL1983PLC015266	AAR SHYAM INDIA INVESTMENT COMPANY LIMITED	Director	25/08/2010	15/07/2010	28/03/2015	Active	NO
15	L65993DL1980PLC207051	SUBHSREE PATROCHEM INDUSTRIAL INVESTMENTS LTD	Director	10/08/2010	10/08/2010	-	Amalgamated	NO
16	U16000MH1964PLC013915	INTERNATIONAL TOBACCO COMPANY LIMITED	Director	14/09/2012	11/02/2011	-	Active	NO
17	L51909DL1985PLC021077	PREMIUM MERCHANTS LIMITED	Director	27/09/2013	28/09/2012	-	Active	NO

Name :

Mr. Ram Nath Agarwal

Designation :

Director

Address :

House Number-07, Champa Marg, Dlf City, Phase-1, Gurgaon-122001, Haryana, India

Date of Birth/Age :

01.01.1947

Qualification :

M.Com, LL.B, CA

Date of Appointment :

09.09.2010

DIN No.:

00028219

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	Company/ LLP Status	Defaulting status
1	U74899DL1987PLC028919	CITY LEASING AND FINANCE COMPANY LIMITED	Director	14/08/1987	14/08/1987	Amalgamated	NO
2	U70109DL1996PTC148283	CINDRELLA HOLDINGS PRIVATE LIMITED	Director	15/12/1999	15/12/1999	Amalgamated	NO
3	U16000MH1964PLC013915	INTERNATIONAL TOBACCO COMPANY LIMITED	Director	09/09/2010	24/05/2009	Active	NO
4	U74999DL1996PTC080090	KKM MANAGEMENT CENTRE PRIVATE LIMITED	Director	18/08/2011	04/11/2010	Active	NO
5	U65993DL1979PLC010018	QUICK INVESTMENT (INDIA) LIMITED	Director	15/07/2013	22/10/2012	Active	NO
6	U65993DL1979PLC010060	GOOD INVESTMENTS(INDIA) LIMITED	Director	15/07/2013	22/10/2012	Active	NO

Name :

Mr. Pradip Atindranath Mittra

Designation :

Director

Address :

1202 Konark Akruti, 1147 Devidayal Road Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

24.12.1948

Qualification :

B.Tech, DIM

Date of Appointment :

26.06.2002

DIN No.:

00232352

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.204

Names of Shareholders	No. of Shares
Godfrey Phillipsi India Limited, India	299994
Sanjay Kumar Gupta	1
Ram Avtar Poddar	1
Nita Kapoor	1
D I Shahani	1
Ram Nath Agarwal	1
Pradip A Mittra	1
Total	300000

AS ON 23.09.204

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tobacco and Cigarettes Products.

Products :

ITC Code No.	Product Descriptions
99881900	Manufacturing fee from holding company

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	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 :

Bank Name:	Union Bank of India
Branch:	Overseas Branch, G 39 Connaught Place, New Delhi - 110001, Delhi, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7Th Floor, Building 10 Tower BDLF Cyber City Complex, Dlf City, Phase 2, Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :	--
Collaborators :	--
Holding Company:	Godfrey Phillips India Limited, India (L16004MH1936PLC008587)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Beacon Travels Private Limited, India (U74899DL1988PTC030391)
Subsidiaries of fellow subsidiary companies :	· Gopal Krishna Infrastructure and Real Estate Limited · Rajputana Infrastructure Corporate Limited
Fellow subsidiary companies :	· Chase Investments Limited · Kashyap Metal and Allied Industries Limited · Unique Space Developers Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 100/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	417.556	413.199	411.741
(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)	447.556	443.199	441.741
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	8.470	12.436	15.384
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	50.700	42.146	33.097
Total Non-current Liabilities (3)	59.170	54.582	48.481
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	29.579	23.635	25.846
(c) Other current liabilities	25.354	30.374	22.854
(d) Short-term provisions	6.227	5.260	5.547
Total Current Liabilities (4)	61.160	59.269	54.247
TOTAL	567.886	557.050	544.469
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	391.783	403.813	378.517
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.006	10.625	15.889
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.562	1.562	1.562
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.280	13.988	15.830
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	419.631	429.988	411.798
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.248	50.631	46.545
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	22.948	17.747	17.402
(e) Short-term loans and advances	63.604	57.232	67.967
(f) Other current assets	3.455	1.452	0.757
Total Current Assets	148.255	127.062	132.671
TOTAL	567.886	557.050	544.469

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	489.875	403.931	438.170
		Other Income	1.871	1.457	1.898
		TOTAL (A)	491.746	405.388	440.068
Less	EXPENSES
		Employees benefits expense	223.116	178.088	178.737
		Other expenses	216.031	180.556	197.214
		TOTAL (B)	439.147	358.644	375.951
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.599	46.744	64.117
Less	FINANCIAL EXPENSES (D)		3.153	0.093	15.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.446	46.651	48.749
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.915	45.543	42.421
	PROFIT BEFORE TAX (E-F) (G)		4.531	1.108	6.328
Less	TAX (H)		0.174	(0.350)	3.624
	PROFIT AFTER TAX (G-H) (I)		4.357	1.458	2.704
	IMPORTS
		Stores & Spares	5.752	6.481	7.273
		Capital Goods	0.000	3.778	4.949
	TOTAL IMPORTS		5.752	10.259	12.222
	Earnings Per Share (Rs.)		14.52	4.86	13.19

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) Operations	53.913	68.919	60.536

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.89	0.36	0.62
Operating Profit Margin (PBDIT/Sales)	(%)	10.74	11.57	14.63
Return on Total Assets (PBT/Total Assets}	(%)	0.81	0.20	1.20
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.01
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.42	2.14	2.45

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	30.000	30.000	30.000
Reserves & Surplus	411.741	413.199	417.556
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	441.741	443.199	447.556
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	438.170	403.931	489.875
		-7.814	21.277

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	438.170	403.931	489.875
Profit	2.704	1.458	4.357
	0.62%	0.36%	0.89%

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90184002	21/01/1995	1,455,000.00	KOTAK MAHINDRA FINANCE LIMITED	36 - 38 - A; NARIMAN BHAWAN, 227; NARIMAN POINT`, MUMBAI- 400021, Maharashtra, INDIA	-
2	90185789	05/02/1992	15,000,000.00	UNION BANK OF INDIA	GHAZIABAD MAIN, GHAZIABAD, UTTAR PRADESH, INDIA	-

PERFORMANCE REVIEW

During the year ended 31 st March, 2014, the revenue from operations stood at Rs. 489.875 Million as against Rs. 403.931 Million during the corresponding previous year.

The Profit before tax and Profit after tax for the year stand at Rs. 4.531 and Rs. 4.357 Million respectively, as against Rs. 1.108 and Rs. 1.458 Million respectively in the previous fiscal year.

The Directors have decided to plough back the profits earned during the year 2013-14 and hence decided not to recommend any dividend for the year.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from C/O Godfrey Phillips India Limited, V.K.K. Menon Road (Sahar Road), Chakala Andheri (East), Mumbai-400099, Maharashtra, India to the present address w.e.f 20.09.2013

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· 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. 64.88
UK Pound	1	Rs. 99.89
Euro	1	Rs. 72.06

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	IND

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
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		51

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.