MIRA INFORM REPORT

Report No. :	339398
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	MELZER CHEMICALS PRIVATE LIMITED
Registered Office :	Survey No.132/2-3, Plot No.22,  Gulmohar Park, ITI Road, Aundh, Pune – 411007, Maharashtra
Tel. No.:	91-20-41004822
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.09.1994
Com. Reg. No.:	11-081199
Capital Investment / Paid-up Capital :	Rs.10.000 Million
CIN No.: [Company Identification No.]	U24249PN1994PTC081199
IEC No.:	3199008232
TAN No.: [Tax Deduction & Collection Account No.]	PNEM01541B
PAN No.: [Permanent Account No.]	AABCM4138M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Biocides and Speciality Chemicals.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its financials with the government department after 2012. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2012 but the documents related to the financials for the year 2012 could not be made available from any source. As per available financial of 2011, the company has decent profit margin. However, business is active as per the status shown in the registrar of companies. Payment terms are unknown. In the absence of latest financial details, subject can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ganesh K.
Designation :	Accounts Manager
Contact No.:	91-20-41004822
Date :	03.09.2015

LOCATIONS

Registered/ Head / Corporate/ Administrative Office :	Survey No.132/2-3, Plot No.22,  Gulmohar Park, ITI Road, Aundh, Pune – 411 007, Maharashtra, India
Tel. No.:	91-20-41004822/ 41004800
Fax No.:	91-20-41004845/ 41004813
E-Mail :	account@melzerspeciality.com
Website :	www.melzerspeciality.com
Factory :	Plot No.A-11 and A-11/B, MIDC, Kurkumbh, Taluka Daund, Pune – 413 105, Maharashtra, India
Tel. No.:	91-2117-235104
Branch Office 1 :	Pune 12, Vee Nimbkar Society, 80/4 Baner Road, Aundh, Pune – 411 007, Maharashtra, India
Tel. No.:	91-20-25651230
Fax No.:	91-20-25656530
Location :	Owned
Innovation Center/ Branch Office 2 :	Mumbai 117, Punit Chambers, Sector No.18, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27871332
Fax No.:	91-22-27889251
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Sunil Balkrishna Shinde

Designation :

Director

Address :

Flat No.5, Silver Birch Apartment, Lakaki Road, Model Colony, Pune – 411 016, Maharashtra, India

Date of Birth/Age :

02.05.1960

Qualification :

B. SC

Date of Appointment :

19.09.1994

DIN No.:

01390147

Name :

Mr. Satyajit Jitendra Nimbalkar

Designation :

Director

Address :

H-14 Shinde Gardens, S No.40A/1/1, Bopodi, Pune – 411 003, Maharashtra, India

Date of Birth/Age :

18.06.1971

Qualification :

B.Com

Date of Appointment :

30.09.1995

DIN No.:

01390191

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	U24249PN1994PTC081199	MELZER CHEMICALS PRIVATE LIMITED	Director	30/09/1995	19/09/1994	-	Active	NO
2	U45202PN1997PTC110780	SHINDE DEVELOPERS PRIVATE LIMITED	Director	19/09/1997	19/09/1997	-	Active	NO
3	U45203PN2003PTC017604	SIDHANT-KRISHNA INFRASTRUCTURE PROJECTS PRIVATE LIMITED	Director	17/01/2003	17/01/2003	-	Under Process of Striking off	NO
4	U55101PN2004PTC018986	HOTEL PUSHKAR GROUP PRIVATE LIMITED	Director	08/03/2004	08/03/2004	-	Active	NO
5	U15500PN2010PTC136115	MELZER FOODS INDIA PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Active	NO
6	U34109PN2010PTC137347	MELZER MOTORS PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
7	U01122PN2011PTC140030	YASHODHARA MILK AND MILK PRODUCTS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO

Name :

Mr. Chandrasen Ramchandra Ghatge

Designation :

Director

Address :

Flat No.15, Vishaka Apartments, Kale Park, Baner Road, Someshwarwadi Pashan, Pune – 411 045, Maharashtra, India

Date of Birth/Age :

09.11.1972

Date of Appointment :

30.09.2004

DIN No.:

02578039

Name :

Mrs. Madhavi Sunil Shinde

Designation :

Director

Address :

Flat No.6, Silver Birch Apartment, Lakaki Road, Model Colony, Pune – 411 016, Maharashtra, India

Date of Birth/Age :

30.06.1967

Date of Appointment :

19.09.1994

DIN No.:

02578807

Name :

Dr. Prakash Purshottam Pathare

Designation :

Director

Address :

Leela Shraya, Ganesh Peth Lane, N.C. Kelkar Road, Dadar, Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

23.07.1948

Qualification :

Ph.D. (IIT)

Date of Appointment :

01.03.2005

DIN No.:

02578015

KEY EXECUTIVES

Name :	Mr. Ganesh K.
Designation :	Accounts Manager
Name :	Prtajot Tungare and Associates
Designation :	Company Secretaries
Address :	529/1, 2^nd Floor, Shraddha Chambers, Near Ramakrishna Math, Opposite Dandekar Bridge, Sinhagad Road, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-24336490/ 91
E-Mail :	office@prtajottungarecs.com
Website :	www.prtajottungarecs.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	%age holding
Sunil Balkrishna Shinde	340000	34.00
Satyajit Jitendra Nimbalkar	225000	22.50
Sunil Balkrishna Shinde (HUF)	210000	21.00
Chandrasen Ramchandra Ghatge	225000	22.50
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Biocides and Speciality Chemicals.
Products :	Biocides Speciality Chemicals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Chemicals
Countries :	UAE USA
Imports :
Products :	Chemicals
Countries :	Singapore
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

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 :

80 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Khadki Branch, Pune-411003, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
Bank Name	HDFC Bank Limited
Branch	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· State Bank of India, Nhava Sheva Branch

· State Bank of India, Kurkumbh Branch

Facilities :

Secured Loans	31.03.2011 Rs. in Million	31.03.2010 Rs. in Million
SECURED LOANS FROM BANKS
Bank of India - Book Debts	0.000	0.000
Bank of India - Cash Credit	48.616	26.725
Bank of India - DLN 001	0.000	2.050
Bank of India - 0001	25.570	2.679
Bank of India - Plant and Machinery 165	0.000	0.053
Bank of India - Plant and Machinery 002	0.825	1.588
Bank of India· Plant and Machinery 004	0.264	1.002
Bank of India - Alto Car	0.012	0.104
Bank of India - Bolaro Jeep (SBS)	0.000	0.053
HDFC Bank Vehicle Loan Innova - 16044047	0.636	0.944
HDFC Bank Vehicle Loan Scoda - 16276801	1.147	1.684
HDFC Bank Vehicle Swift Dzire - 14752472	0.159	0.289
Reliance Capital Vehicle Loan Swift Dezire	0.465	0.000
Total	77.694	37.171

Auditors :
Name :	H.K. Shetty and Associates Chartered Accountants
Address :	Radhanagari Society, Flat No.3, Bhanu Patil Road, Bopodi, Pune – 411020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHPS8839G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09.2012

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
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.496	29.469	17.345
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.496	39.469	24.845
LOAN FUNDS
1] Secured Loans		77.694	37.171	24.503
2] Unsecured Loans		9.820	10.494	10.617
TOTAL BORROWING		87.514	47.665	35.120
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		139.010	87.134	59.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.739	28.494	16.732
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.215	21.464	17.386
	Sundry Debtors	73.783	52.951	45.185
	Cash & Bank Balances	8.489	13.262	3.746
	Other Current Assets	8.910	3.348	6.050
	Loans & Advances	11.653	4.170	5.741
Total Current Assets		155.050	95.195	78.108
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	72.779	36.555	34.875
Total Current Liabilities		72.779	36.555	34.875
Net Current Assets		82.271	58.640	43.233
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		139.010	87.134	59.965

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TOTAL INCOME	81.776	67.052	45.514
Less	TOTAL EXPENSES	50.771	37.439	35.536
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	31.005	29.613	9.978
Less/ Add	DEPRECIATION/ AMORTISATION	3.664	3.339	2.395
	PROFIT/ (LOSS) BEFORE TAX	27.341	26.274	7.583
Less	TAX	8.930	10.000	2.400
	PROFIT/ (LOSS) AFTER TAX	18.411	16.274	5.183
Less	Income Tax Provision for previous year	0.509	0.927	0.300
	Dividend on shares	5.000	2.500	0.000
	Dividend Tax	0.831	0.425	0.000
	Adjustments for previous year	0.044	0.298	0.000
	Total (M)	6.384	4.150	0.300
	Balance Carried to the B/S (J+K+L-M)	12.027	12.124	4.883
	Earnings / (Loss) Per Share (Rs.)	18.41	16.27	NA

Particulars	31.03.2015	31.03.2014
Sales Turnover	540.000	450.000

Expected Sales (2015-2016) : Rs.660.000 Million

The above information has been parted by Mr. Ganesh K. (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2011	31.03.2010	31.03.2009
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PAT / Sales)	(%)	22.51	24.27	11.39
Operating Profit Margin (PBIDT/Sales)	(%)	37.91	44.16	21.92
Return on Total Assets (PBT/Total Assets}	(%)	12.91	21.24	8.00
Return on Investment (ROI) (PBT/Networth)		0.53	0.67	0.31
Debt Equity Ratio (Total Debt /Networth)		1.70	1.21	1.41
Current Ratio (Current Asset/Current Liability)		1.88	2.02	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.500	10.000	10.000
Reserves & Surplus	17.345	29.469	41.496
Net worth	24.845	39.469	51.496
long-term borrowings	24.503	37.171	77.694
Short term borrowings	10.617	10.494	9.820
Total borrowings	35.120	47.665	87.514
Debt/Equity ratio	1.414	1.208	1.699

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	45.514	67.052	81.776
		47.322	21.959

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	45.514	67.052	81.776
Profit	5.183	16.274	18.411
	11.39%	24.27%	22.51%

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	No
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Unique Chambers Office No. 1925/B/1 F C Road, Shivajinagar, Pune – 411005, Maharashtra, India to the present address w.e.f 03.02.2010

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10539886	08/12/2014	15,500,000.00	Bank of India	STAR HOUSE PLOT NO. C-5, G-BLOCK, BANDRA-KURLA, C  OMPLEX, BANDRA (E), MUMBAI-400051, MUMBAI, Maharashtra - 400051, INDIA	C38791141
2	10539888	08/12/2014	16,000,000.00	Bank of India	STAR HOUSE PLOT NO. C-5, G-BLOCK, BANDRA-KURLA, C  OMPLEX, BANDRA (E), MUMBAI-400051, MUMBAI, Maharashtra - 400051, INDIA	C38792388
3	10539890	08/12/2014	23,500,000.00	Bank of India	STAR HOUSE PLOT NO. C-5, G-BLOCK, BANDRA-KURLA, C  OMPLEX, BANDRA (E), MUMBAI-400051, MUMBAI, Maharashtra - 400051, INDIA	C38793949
4	10539892	08/12/2014	50,000,000.00	Bank of India	STAR HOUSE PLOT NO. C-5, G-BLOCK, BANDRA-KURLA, C  OMPLEX, BANDRA (E), MUMBAI-400051, MUMBAI, Maharashtra - 400051, INDIA	C38794582
5	10539894	21/04/2015 *	117,500,000.00	Bank of India	STAR HOUSE PLOT NO. C-5, G-BLOCK, BANDRA-KURLA, C  OMPLEX, BANDRA (E), MUMBAI-400051, MUMBAI, Maharashtra - 400051, INDIA	C51082931
6	10323096	24/10/2011	8,755,000.00	Kotak Mahindra Bank Limited	8th floor, Sohrab Hall, 21 sasoon Road, Behind Railway Station, Pune, Maharashtra - 411001, INDIA	B27853951
7	10289155	08/06/2011	6,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B13863501

UNSECURED LOANS:

Unsecured Loans	31.03.2011 Rs. in Million	31.03.2010 Rs. in Million
From Group Concerns	0.000	0.000
From Members and Directors	0.000	0.674
Sales Tax Deferred Loan Account	9.820	9.820
Total	9.820	10.494

FIXED ASSETS

• Land
• Factory Building
• Office Building
• Machinery
• Electrical Installation
• Furniture and Fixture
• Office Equipment
• Computer
• Vehicles

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 records 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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RSM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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