MIRA INFORM REPORT

Report No. :	339361
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	SAINOR LABORATORIES PRIVATE LIMITED

Registered Office :	15/C (Part), S V Co-Operative Industrial Estate, I D A, Jeedimetla, Hyderabad-500055, Telangana
Tel. No.:	91-40-23197775/2

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.12.2004

Com. Reg. No.:	36-044758

Capital Investment / Paid-up Capital :	Rs. 26.000 Million

CIN No.: [Company Identification No.]	U24239TG2004PTC044758

IEC No.:	0905012909

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAICS5785P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Chemicals and Intermediates

No. of Employees :	200 (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

Maximum Credit Limit :	USD 650000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well-established company having satisfactory track. It is a part of Sainor Group. The company possesses an acceptable financial profile marked by adequate net worth base and favourable gap between trade payables receivables along with working capital intensive nature of the operations resulting into leveraged capital structure. Management has witnessed a decent profit earnings in the year 2014. Trade relations seems to be fair. Business is active. Payment terms are reported as usually correct. In view of resourcefulness and the experience of the promoters, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Bank facilities (Suspended) BB-
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	16.04.2014

Rating Agency Name	CRISIL
Rating	Short term Bank facilities (Suspended) A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.04.2014

Reason for suspension: Absence of requisite information

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. Ram Mohan Roy
Designation :	Deputy Manager-Finance
Contact No.:	91-40-23197772
Date :	04.09.2015

LOCATIONS

Registered Office/ Factory :	15/C (Part), S V Co-Operative Industrial Estate, I D A, Jeedimetla, Hyderabad-500055, Telangana, India
Tel. No.:	91-40-23197775/2
Fax No.:	91-40-23196063
E-Mail :	accounts@sainorlaboratories.net info@sainorlaboratories.net sainorlaboratories@yahoo.co.in
Website :	http://www.sainorlaboratories.net

Corporate Office :	Plot No. 31, Phase-V, I.D.A, Jeedimetla, Hyderabad-500038, Telangana, India
Tel. No.:	91-40-23197772/ 23197774
Fax No.:	91-40-2196062
E-Mail :	sales@sainorlaboratories.net

DIRECTORS

As on 30.09.2014

Name :

Mr. Rameshwara Rao Anjaneya Pattabhi Chandana

Designation :

Managing Director

Address :

8-2-293/82/A-122, Road No.10, Jubilee Hills, Hyderabad- 500038, Telangana, India

Date of Birth/Age :

01.01.1958

Date of Appointment :

01.01.2015

DIN No.:

00105304

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	U24230TG2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Managing director	24/03/2000	24/03/2000	-	Active	NO
2	U24239TG2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Director	25/03/2014	23/11/2005	-	Active	NO
3	U24232TG2007PTC054116	SRI SAI NIKITHA PHARMA PRIVATE LIMITED	Director	24/05/2007	24/05/2007	11/04/2008	Active	NO
4	U24232TG2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Director	06/06/2013	07/02/2008	30/07/2015	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	01/09/2010	Active	NO
6	U24233AP2008PTC061809	Azico Biophore India Private Limited	Director	12/11/2008	12/11/2008	-	Active	NO
7	U29253TG2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	06/08/2010	06/08/2010	-	Active	NO
8	U24239TG2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Managing director	01/01/2015	05/06/2013	-	Active	NO
9	U24239TG2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Director	10/07/2013	06/06/2013	-	Active	NO
10	U24232AP2015PTC096364	SRISAICHANDANA ACTIVE PHARMACEUTICAL INGREDIENT PRIVATE LIMITED	Director	23/03/2015	23/03/2015	-	Active	NO

Name :

Ms. Sundara Pullaiah Naidu

Designation :

Director

Address :

Flat No. 101, Rukmini Enclave, D.K. Road, Ameerpet, Hyderabad-500016, Telangana, India

Date of Birth/Age :

10.01.1960

Date of Appointment :

01.01.2015

DIN No.:

00097253

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	U24239TG2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Director	13/02/2004	13/02/2004	-	Active	NO
2	U24232TG2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Managing director	25/09/2008	08/05/2007	30/07/2015	Active	NO
3	U24100TG2007PTC055636	HINDYS LAB PRIVATE LIMITED	Director	16/09/2009	26/08/2008	13/05/2013	Active	NO
4	U24100TG2009PTC063214	Hychem Sainor Chemicals Private Limited	Director	30/03/2009	30/03/2009	31/03/2013	Active	NO
5	U24239TG2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Whole-time director	01/01/2015	06/06/2013	-	Active	NO
6	U24100TG2015PTC097416	SPAN LIFE SCIENCES PRIVATE LIMITED	Director	28/01/2015	28/01/2015	-	Active	NO

Name :

Mr. Uddagiri Tata Rao

Designation :

Director

Address :

Flat No. 501, Sree Maruthi Heights, SR Nagarr, Hyderabad- 500038, Telangana, India

Date of Birth/Age :

12.06.1960

Date of Appointment :

28.09.2013

DIN No.:

00097229

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	U24239TG2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Managing director	25/09/2008	13/02/2004	-	Active	NO
2	U24232TG2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Director	25/09/2008	07/02/2008	30/07/2015	Active	NO
3	U24100TG2007PTC055636	HINDYS LAB PRIVATE LIMITED	Director	16/09/2009	26/08/2008	13/05/2013	Active	NO
4	U24239TG2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Director	28/09/2013	06/06/2013	-	Active	NO
5	U24232AP2015PTC096364	SRISAICHANDANA ACTIVE PHARMACEUTICAL INGREDIENT PRIVATE LIMITED	Director	23/03/2015	23/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ram Mohan Roy
Designation :	Deputy Manager-Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
S. Anjali Devi	504400	19.40
U. Naga Udaya Bhaskaram	504400	19.40
Chandana Aruna Kumari	504400	19.40
Manikonda Naga Sastry	504400	19.40
Nadimini Srinivas	78000	3.00
A.P.Rameshwara Rao	168300	6.47
S.P. Naidu	168081	6.46
U. Tata Rao	168019	6.46
Total	2600000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals and Intermediates

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit (30/60/90 Days)

Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS

Particulars	Unit	2013.2014
Actual Production	Kgs	0.566

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 :

End users and OEMs

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 :

200 (Approximately)

Bankers :

Bank Name	Union Bank of India
Branch	SSI Finance Branch, Ameerpet, Hyderabad-500016, Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	91-40-23420622
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)	Cash/Credit = Rs. 140.000 Million
Account Operation	Not Divulged
Remarks (If any)	Number continuously ringing.

State Bank of India, MID Corporate Group,O. Branch,2nd & 3rd Floor, Rajala Centre, Plot No. 241/A, Road No.36, J. Hills, Hyderabad - 500033, Telangana, India

SBI Global Factors Limited, 6th Floor, Metropolitan Building, Bandra-Kurla, Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan
From union Bank of India	11.642	0.000
Vehicle and Business loans
Kotak Mahindra Bank –DCM Loan	0.342	0.715
Union Bank of India – Car Loan	1.973	0.128
Kotak Mahindra Bank	2.025	0.000
Tata Capital Limited	1.865	0.000
Tata Finance Limited	0.000	0.097
HDFC Bank	0.000	0.070
Religare Finvest Limited	2.607	5.697
SHORT TERM BORROWING
Cash Credit
From Union Bank of India (Secured by Hypothecation of Stocks, Book Debts and Personal Guarantee of Directors)	58.816	62.643
Factoring of Bills	0.000	29.918
From SBI Global Factors Limited (Secured against bills discounted and personal guarantee of directors)
Total	79.269	99.268


Banking Relations :	--

Auditors :
Name :	Mahesh Virender and Sriram Chartered Accountants
Address :	6-3-788/36 and 37/A, Durga Nagar Colony, Ameerpet, Hyderabad – 500016, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFM8813F

Memberships :	--

Collaborators :	--

Associates :	Sainor Pharma Private Limited Sainor Life Sciences Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3,500,000	Equity Shares	Rs.10/- each	Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2,600,000	Equity Shares	Rs.10/- each	Rs. 26.000 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	26.000	26.000	26.000
(b) Reserves & Surplus	202.517	177.398	139.175
(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)	228.517	203.398	165.175

(3) Non-Current Liabilities
(a) long-term borrowings	20.454	6.707	20.471
(b) Deferred tax liabilities (Net)	3.208	2.633	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.278	49.849	41.599
Total Non-current Liabilities (3)	54.940	59.189	62.070

(4) Current Liabilities
(a) Short term borrowings	58.816	92.561	109.210
(b) Trade payables	76.741	106.884	77.095
(c) Other current liabilities	14.115	13.732	9.871
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	149.672	213.177	196.176

TOTAL	433.129	475.764	423.421

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.560	53.915	48.178
(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	67.230	67.235	36.235
(c) Deferred tax assets (net)	0.000	0.000	1.074
(d) Long-term Loan and Advances	21.038	36.780	33.173
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	167.828	157.930	118.660

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.686	29.883	27.108
(c) Trade receivables	205.140	264.009	257.580
(d) Cash and cash equivalents	2.338	0.511	0.451
(e) Short-term loans and advances	27.079	23.348	19.514
(f) Other current assets	0.058	0.083	0.108
Total Current Assets	265.301	317.834	304.761

TOTAL	433.129	475.764	423.421

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	49.283	54.998	51.167

Less/ Add	DEPRECIATION/ AMORTISATION	7.018	7.789	13.502

	PROFIT/ (LOSS) BEFORE TAX	42.265	47.209	37.665

Less	TAX (H)	14.894	20.666	10.908

	PROFIT/ (LOSS) AFTER TAX	27.371	26.543	26.757

	CIF Value of Imports	166.506	239.456	209.389

	Earnings / (Loss) Per Share (Rs.)	10.53	10.21	10.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operating activities

8.986

11.736

(39.417)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	11.55	11.56	9.75

Return on Investment (ROI) (PBT/Networth)		0.18	0.23	0.23

Debt Equity Ratio (Total Debt /Networth)		0.35	0.49	0.79

Current Ratio (Current Asset/Current Liability)		1.77	1.49	1.55

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	26.000	26.000	26.000
Reserves & Surplus	139.175	177.398	202.517
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	165.175	203.398	228.517

long-term borrowings	20.471	6.707	20.454
Short term borrowings	109.210	92.561	58.816
Total borrowings	129.681	99.268	79.270
Debt/Equity ratio	0.785	0.488	0.347

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	Yes
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	No
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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10341794	31/01/2013 *	176,300,000.00	State Bank of India	MID CORPORATE GROUP,O.BRANCH,2Nd & 3rd Flr, Rajala Centre, Plot no. 241/A, Road no.36, J.hills, Hyderabad, Telangana - 500033, INDIA	B71364046
2	10338385	23/02/2012	49,020,000.00	UNION BANK OF INDIA	53/3RT, THAGHBA TERRAIN, BESIDE SR NAGAR POLICE STATION, S.R NAGAR, HYDERABAD, Telangana - 500038, INDIA	B33346933
3	10290298	19/05/2011	300,000.00	Union Bank of India	SSI FINANCE BRANCH, 7-1-59/3, 2ND FLOOR, BHAVYA C OMMERCIAL COMPLEX, AMEERPET, HYDERABAD, Telangana - 500016, INDIA	B14305601
4	10220370	20/05/2010	816,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M UMBAI, Maharashtra - 400021, INDIA	A86480787
5	10016972	26/12/2013 *	140,000,000.00	Union Bank of India	SSI FINANCE BRANCH, 7-1-59/3, 2ND FLOOR, BHAVYA COMMERCIAL COMPLEX, AMEERPET, HYDERABAD, Telangana - 500016, INDIA	B95846499

*Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Other Money for which the company is contingently liable	40.345	49.105

FIXED ASSETS

Land
Factory Building
Plant and Machinery
Lab equipment’s
Office equipment
Telephone
Computers
Furniture and fitting
Generators
Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	PRP

Analysis Done by :	TRI

Report Prepared by :	JYTK

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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