MIRA INFORM REPORT

Report No. :	340662
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED
Registered Office :	1007, Hubtown Solaris, 10^th Floor, N.S. Phadke Marg, Andheri (East), Mumbai-400069, Maharashtra
Tel. No.:	91-22-61509757
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.02.1979
Com. Reg. No.:	11-021038
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U24110MH1979PTC021038
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMR16048E
PAN No.: [Permanent Account No.]	AAACR7798F
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Trader of Chemical, Textile Chemicals.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 70500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1979 and it is an importer and trader of textile chemicals. Subject is an established company having satisfactory track record. Company possesses above average operational performance and it maintained decent profit margins from operational activities. Rating takes into consideration company’s sound financial risk profile marked by adequate networth base along with zero debt balance sheet and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Ankur Shah
Designation :	Business Head International
Contact No.:	91-9820161680
Date :	10.09.2015

LOCATIONS

Registered Office :	1007, Hubtown Solaris, 10^th Floor, N.S. Phadke Marg, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-61509757
Mobile No.:	91-9820161680 (Mr. Ankur Shah)
Fax No.:	91-22-61509797
E-Mail :	rooprasayan@vsnl.net ankur@rooprasayan.com sales@rooprasayan.com
Website :	http://www.rooprasayan.com
Location :	Owned
Warehouse :	Located at: · Bhiwandi District-Thane, Maharashtra, India · Vasai
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Suresh Balchandra Shukla

Designation :

Director

Address :

25-A, Besant Street, Santacruz – (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

23.05.1932

Date of Appointment :

06.03.1979

DIN No.:

00093903

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	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Director	06/03/1979	06/03/1979	Active	NO
2	U24100MH2007PTC170487	RAJ BORAX PRIVATE LIMITED	Director	01/05/2007	01/05/2007	Active	NO
3	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	26/09/2008	26/09/2008	Active	NO
4	U74990MH2011PTC215861	ADIV PURE NATURE PRODUCTS PRIVATE LIMITED	Director	06/04/2011	06/04/2011	Active	NO

Name :

Mr. Alakh Natvarlal Shah

Designation :

Managing Director

Address :

B/7, Parishram Co-Operative Housing Society., Flat No. 31, 3rd Floor,, Khira Nagar, S.V. Road, Santacruz – (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

25.08.1948

Date of Appointment :

06.03.1979

DIN No.:

00089100

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	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Managing director	06/03/1979	06/03/1979	Active	NO
2	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	26/11/2004	26/11/2004	Active	NO
3	U24100MH2007PTC170487	RAJ BORAX PRIVATE LIMITED	Director	01/05/2007	01/05/2007	Active	NO
4	AAA-4508	ALGIR CHEMICALS LLP	Designated Partner	18/04/2011	18/04/2011	Active	NO

Name :

Dr. Girish Dinesh Mehta

Designation :

Whole-Time Director

Address :

4, Jai Ghanshyam Krupa Co-Operative Housing Society., 15, Lajpatrai Road, Vile Parle (West), Mumbai- 400056, Maharashtra, India

Date of Birth/Age :

28.05.1959

Date of Appointment :

01.12.2004

DIN No.:

00093758

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	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	Active	NO
2	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Whole-time director	01/12/2004	01/12/2004	Active	NO
3	U24100MH2007PTC170487	RAJ BORAX PRIVATE LIMITED	Director	01/05/2007	01/05/2007	Active	NO
4	AAA-4508	ALGIR CHEMICALS LLP	Designated Partner	18/04/2011	18/04/2011	Active	NO

Name :

Mr. Indumati Suresh Shukla

Designation :

Director

Address :

25-A, Besant Street, Santacruz – (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

30.08.1935

Date of Appointment :

19.12.1983

DIN No.:

00093698

Name :

Mr. Raksha Alakh Shah

Designation :

Director

Address :

B/7, Parishram Co-Operative Housing Society, Flat No.31, 3rd Floor, Khira Nagar, S.V. Road, Santacruz – (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

10.05.1952

Date of Appointment :

30.09.2006

DIN No.:

00090008

Name :

Mr. Padmaja Girish Mehta

Designation :

Director

Address :

Flat No. 602, Shraddha Suman, Plot No. 37/B, 6th Road., JVPD Scheme, Juhu, Vile Parle West, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

26.03.1967

Date of Appointment :

30.09.2006

DIN No.:

00093819

Name :

Mr. Naresh Balchandra Shukla

Designation :

Director

Address :

4 1st Floor, Jay Ghanshyam Kripa 15-16, Lajpatrai ST, Vile Parle - West, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

09.06.1949

Date of Appointment :

30.09.2008

DIN No.:

00093992

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	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	Active	NO
2	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	15/02/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Ankur Shah
Designation :	Business Head International

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Alakh Natvarlal Shah	2392
Raksha Alakh Shah	2604
Padmaja Mehta	376
Girish Mehta	438
Alakh Shah	4
Girish Mehta (HUF)	2
Virenchi Mehta	1
Girish Mehta	1557
Padmaja Girish Mehta	2626
Total	10000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Trader of Chemical, Textile Chemicals.
Products :	· Chemical · Textile Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Chemicals
Countries :	· China · European Countries
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

Retailers and End Users

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 :

25 (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Santacruz Branch, 80 Solitaire, S V Road, Santacruz-(West), Mumbai- 400054, 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 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

· ICICI Bank Limited

ICICI Towers Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	R. R. Shah and Associates Chartered Accountants
Address :	207, Kshamalaya, 37, New Marine Lines, Mumbai- 400020, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFR2388A
Memberships :	--
Collaborators :	--
Enterprises owned or significant influenced by key Management Personnel of their relatives personnel or relatives of key personnel : (As on 31.03.2013)	· Raj Borax Limited · Borochemie India Private Limited · Borochemie International Pte Limited · Algir Chemicals LLP · Paramount International · Girish Mehta HUF

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs. 100/- each	Rs. 3.000 Million
70000	Preference Shares	Rs. 100/- each	Rs. 7.000 Million
	Total		Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 100/- each	Rs. 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	23.681	25.373	25.803
(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)	24.681	26.373	26.803
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.080	1.080	1.080
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.080	1.080	1.080
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.247	0.252	0.233
(c) Other current liabilities	2.403	0.054	0.148
(d) Short-term provisions	0.000	3.509	12.337
Total Current Liabilities (4)	2.650	3.815	12.718
TOTAL	28.411	31.268	40.601
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.554	10.834	12.399
(ii) Intangible Assets	0.000	0.001	0.004
(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	2.010	2.010	2.010
(c) Deferred tax assets (net)	0.416	0.414	0.401
(d) Long-term Loan and Advances	0.240	0.332	0.249
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.220	13.591	15.063
(2) Current assets
(a) Current investments	0.574	0.359	1.347
(b) Inventories	0.825	0.830	0.140
(c) Trade receivables	2.101	0.000	0.005
(d) Cash and cash equivalents	12.368	15.925	23.731
(e) Short-term loans and advances	0.323	0.563	0.315
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	16.191	17.677	25.538
TOTAL	28.411	31.268	40.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	15.923	1.437	13.118
		Other Income	17.005	10.017	22.738
		TOTAL	32.928	11.454	35.856
Less	EXPENSES
		TOTAL	17.098	3.302	8.115
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.830	8.152	27.741
Less/ Add	DEPRECIATION/ AMORTISATION		1.324	1.567	3.212
	PROFIT BEFORE TAX		14.506	6.585	24.529
Less	TAX		4.499	1.761	15.726
	PROFIT AFTER TAX		10.007	4.824	8.803
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.803	19.733	35.074
Less	APPROPRIATIONS
		Transfer to General Reserve	1.030	0.500	0.900
		Proposed Final Dividend	0.000	3.000	0.000
		Interim Dividend on equity Shares	10.000	1.500	10.000
		IInd Interim Dividend (Proposed)	0.000	0.000	10.000
		Tax on distributed Dividend Corporate Dividend Tax	1.699	0.753	3.244
	BALANCE CARRIED TO THE B/S		16.081	18.804	19.733
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11.828	4.359	20.380
	TOTAL EARNINGS		11.828	4.359	20.380
	Earnings Per Share (Rs.)		1000.7	482	NA

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	62.85	335.70	67.11
Return on Total Assets (PBT/Total Assets}	(%)	55.82	22.83	64.23
Return on Investment (ROI) (PBT/Networth)		0.59	0.25	0.92
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.11	4.63	2.01

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	1.000	1.000	1.000
Reserves & Surplus	25.803	25.373	23.681
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	26.803	26.373	24.681
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)
Total Income	35.856	11.454	32.928
		(68.056)	187.480

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	35.856	11.454	32.928
Profit	8.803	4.824	10.007
	24.55%	42.12%	30.39%

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	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	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	10148821	20/05/2014 *	115,000,000.00	BANK OF INDIA	SANTACRUZ BRANCH, GREEN BUNGLOW, SOLITAIRE, S. V. ROAD, SANTACRUZ (WEST), MUMBAI-400054, MAHARASHTRA, INDIA	C07006620
2	90243858	08/06/2005	500,000.00	BANK OF INDIA	SANTACRUZ (WEST), MUMBAI- 400054, MAHARASHTRA, INDIA	-
3	80068006	29/03/2001	925,000.00	BANK OF INDIA	SANTACRUZ (WEST) BRANCH, GREEN BUNGALOW, S.V.ROAD, MUMBAI- 400054, MAHARASHTRA, INDIA	-

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 40-44A, Dheeraj Heritage, 4th Floor, S. V. ROAD, Santacruz (West), Mumbai-400054, Maharashtra, India to the present address but the same has not been updated in the Government Registry.

FIXED ASSETS:

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Equipment

· Electrical Installation

· Office Premises

· Residential Premises

Intangible Assets

· Website Development Charges

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. 66.39
UK Pound	1	Rs. 102.59
Euro	1	Rs. 74.90

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	IND

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.