MIRA INFORM REPORT

Report No. :	340520.3
Report Date :	24.09.2015

IDENTIFICATION DETAILS

Name :	SUPREME COATED BOARD MILLS PRIVATE LIMITED (w.e.f. 26.03.2010)
Formerly Known As :	SUPREME DUPLEX BOARD MILLS PRIVATE LIMITED
Registered Office :	Plot No. 30, Ground Floor, RCC Building, New Star City, Payasambakkam, Chennai – 600052, Tamilnadu
Tel. No.:	91-9442133319 (Mr. Ranga Rajan)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.06.2003
Com. Reg. No.:	18-051112
Capital Investment / Paid-up Capital :	Rs. 162.500 Million
CIN No.: [Company Identification No.]	U21022TN2003PTC051112
IEC No.:	3504002077
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICS0080K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Coated Duplex board.
No. of Employees :	400 (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 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2003 having a satisfactory track. Management of the company has not filed its financial after the year 2012 with the government department. Mr. Sakti Nath (Executive Director) provided general information and also provided financial statement for the year 2013, 2014 and 2015. As per available audited financial of 2015, the company possesses an above average marked by healthy networth position and good profitability margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = D
Rating Explanation	The company is in default or expected to be in default soon.
Date	December 12, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Sakti Nath
Designation :	Executive Director
Contact No.:	91-9443718123

LOCATIONS

Registered Office :	Plot No. 30, Ground Floor, RCC Building, New Star City, Payasambakkam, Chennai – 600052, Tamilnadu, India
Tel. No. :	Not Available
Mobile No. :	91-9443718123 (Mr. Shakti Nath)
Fax No. :	Not Available
E-Mail :	info@maharajca.com shakthinath@supremegroups.org supremegroupcompanies@gmal.com
Website :	www.suprmegroups.org
Corporate Office :	2/2205, Viswanatham Village, (Behind Sakkammal Kovil), Sivakasi – 626123, Tamilnadu, India
Tel. No. :	91-4562-279019
Fax No. :	91-4562-274669
Area :	193 Sq. ft.
Location :	Rented
Factory :	Survey No. 326-330, Vembakkottai, Sivakasi – 626131, Tamilnadu, India
Tel. No. :	91-4562-251200
Fax No. :	91-4562-284011
E-Mail :	sakthinath@supremegroups.org
Area :	110112 Sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Mariappan Kaliappa Nadar

Designation :

Director

Address :

12-H/3, AVT Pudur Street, Sivakasi – 626123, Tamilnadu, India

Date of Birth/Age :

20.05.1955

Qualification :

Higher Secondary

Experience :

35 Years

Date of Appointment :

30.06.2003

DIN No. :

00156566

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	U65933TN1996PTC036419	SUPREME POLYPACKS PRIVATE LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
2	U30006TN1996PTC036585	SUPREME FORMS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	-	Active	NO
3	U21022TN2003PTC051112	SUPREME COATED BOARD MILLS PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO

Name :

Mr. Mariappan Thangeswari

Designation :

Director

Address :

12-H/3, AVT Pudur Street, Sivakasi – 626123, Tamilnadu, India

Date of Birth/Age :

27.04.1959

Qualification :

Higher Secondary

Experience :

30 Years

Date of Appointment :

30.06.2003

DIN No. :

00156610

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	U65933TN1996PTC036419	SUPREME POLYPACKS PRIVATE LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
2	U30006TN1996PTC036585	SUPREME FORMS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	-	Active	NO
3	U21022TN2003PTC051112	SUPREME COATED BOARD MILLS PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO

Name :

Mr. Kannan Kaliappa Nadar

Designation :

Director

Address :

12-H/3, AVT Pudur Street, Sivakasi – 626123, Tamilnadu, India

Date of Birth/Age :

08.05.1964

Qualification :

BBA

Experience :

26 Years

Date of Appointment :

30.06.2003

DIN No. :

00175959

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	U65933TN1996PTC036419	SUPREME POLYPACKS PRIVATE LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
2	U30006TN1996PTC036585	SUPREME FORMS PRIVATE LIMITED	Director	19/09/1997	19/09/1997	-	Active	NO
3	U21022TN2003PTC051112	SUPREME COATED BOARD MILLS PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO

Name :

Mr. Kumaresan Kaliappa Nadar

Designation :

Director

Address :

12-H/3, AVT Pudur Street, Sivakasi – 626123, Tamilnadu, India

Date of Birth/Age :

13.01.1969

Qualification :

Higher Secondary

Experience :

21 Years

Date of Appointment :

30.06.2003

DIN No. :

00175988

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	U65933TN1996PTC036419	SUPREME POLYPACKS PRIVATE LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
2	U30006TN1996PTC036585	SUPREME FORMS PRIVATE LIMITED	Director	19/09/1997	19/09/1997	-	Active	NO
3	U21022TN2003PTC051112	SUPREME COATED BOARD MILLS PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO

Name :

Mr. Sakti Nath

Designation :

Executive Director

KEY EXECUTIVES

Name :	Mr. Ranga Rajan
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
M. Thangeswari	438150
K. Mariappan	59900
K. Kannan	31790
K. Shankar	27675
K. Kumaresan	28195
Supreme Polypacks Private Limited	96000
Supreme Forms Private Limited	129000
S. Mariappan	750
M. Sakthinath	12260
K. Kalaiselvi	17295
C. Anandha Babu	3300
M. DhanaLakshmi	8680
S. Nellaimathi	12180
K. Rathinam Ammal	6400
K. Ravindran	850
M. Sakthisree	21930
M. Parasakthi	450
T. K. Manoharan	9385
K. Rajeswari	12600
S. Rajamani	3000
N. Kamaraj	400
R. Pandiyarajan	560
S. Kalirajan	250
M. Sakthiraj	3000
S. Malarpriya	1000
Total	925000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Coated Duplex board.

Products :

Product Description	Item Code No. (ITC Code)
Paper Board	48101330

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

· White Coated Duplex Board

Countries :

· Srilanka

· UAE

Imports :

Products :

· Waste papers

Countries :

· USA

· Switzerland

Terms :

Selling :

Credit (60 Days)

Purchasing :

L/C and Credit (90 Days)

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Installed Capacity	Actual Production
White Coated Duplex Board	Tons per day	150	110

GENERAL INFORMATION

Suppliers :

Reference :	Vipa Lausanne SA
Address :	1002, Lausanne C4, Galleries Benjamin Constant 1, Case Postable 7700, Switzerland
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Enviro Traders INC

Address : No.28, Finley Road, Edison, N.J.08817, USA

Customers :

Reference :	Saifi Trading Company
Address :	No.96, New Moor Street, Colombo-12, Srilanka
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Golden Line Printing Press LLC

Address: P.O. Box No.35248, Sharjah, UAE

No. of Employees :

400 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	403/14H, Ayyan Complex, Opposite to Sivakasi Bus Stand, Sivakasi – 626123, Tamilnadu, 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

· IDBI Bank Limited, LIC Building, 1st Floor, No.3, West Marret Street, Madurai - 625001, Tamilnadu, India

· City Union Bank Limited, 13, Chairman NPSN Arumugam Road, Sivakasi - 626123, Tamilnadu, India

· Bank of India, 4th Floor, "Tarapore Towers", 826, Anna Salai, Chennai - 600002, Tamilnadu, India

· State Bank of India, Sudar Complex, Velayutham Road, Shivasi - 626123, Tamilnadu, India

Financial Institution :	Tamilnadu Industrial Investment Corporation Limited, No.692, Anna Salai, Nandanam, Chennai - 600035, Tamilnadu, India
Auditors :
Name :	T. S. Maharaj Chartered Accountant
Address :	150/50, New Road, Sivakasi – 626123, Tamilnadu, India
Tel. No. :	91-9443331180
E-Mail :	info@maharajca.com
PAN No.:	AFUPM0173P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Supreme Polypacks (Private) Limited Address: 2/2205, Viswatham Village, Sivakasi – 626123, Tamilnadu, India Line of Business: Manufacture of Woven Sacks. Supreme Forms (Private) Limited Address: 2/2202, Behind Sakkammal Kovil, Sivakasi - 626123, Tamilnadu, India Line of Business: Manufacture of Computer Forms. Supreme Arts Crafts Address: 2/2202, Behind Sakkammal Kovil, Sivakasi - 6261233, Tamilnadu, India Line of Business: Manufacture of Cone Labels.

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1,625,000	Equity Shares	Rs.100/- each	Rs. 162.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,625,000	Equity Shares	Rs.100/- each	Rs. 162.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	162.500	162.500	162.500
(b) Reserves & Surplus	222.516	179.859	112.814
(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)	385.016	342.359	275.314
(3) Non-Current Liabilities
(a) long-term borrowings	584.083	543.305	300.473
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	40.945
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	584.083	543.305	341.418
(4) Current Liabilities
(a) Short term borrowings	366.338	341.567	316.394
(b) Trade payables	12.654	8.618	21.118
(c) Other current liabilities	56.142	28.524	135.388
(d) Short-term provisions	37.411	20.179	16.178
Total Current Liabilities (4)	472.545	398.888	489.078
TOTAL	1441.644	1284.552	1105.810
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.574	182.897	232.468
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	733.686	604.195	266.551
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	124.500
Total Non-Current Assets	922.260	787.092	623.519
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	311.362	274.798	252.365
(c) Trade receivables	156.711	172.591	168.252
(d) Cash and cash equivalents	1.146	1.221	43.188
(e) Short-term loans and advances	50.165	48.850	18.486
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	519.384	497.460	482.291
TOTAL	1441.644	1284.552	1105.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	1015.820	949.243	862.426
		Other Income	2.210	52.805	15.517
		TOTAL (A)	1018.030	1002.048	877.943
Less	EXPENSES
		Cost of Materials Consumed	665.887	647.914	558.842
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.212	(12.850)	10.879
		Employees benefits expense	27.508	33.177	32.633
		Other expenses	173.219	170.136	147.135
		TOTAL (B)	867.826	838.377	749.489
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		150.204	163.671	128.454
Less	FINANCIAL EXPENSES (D)		65.638	68.577	65.723
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		84.566	95.094	62.731
Less	DEPRECIATION/ AMORTISATION (F)		31.909	44.049	53.865
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		52.657	51.045	8.866
Less	TAX (H)		10.000	4.000	2.345
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		42.657	47.045	6.521
	Earnings / (Loss) Per Share (Rs.)		26.25	--	4.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
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		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	4.20	4.96	0.76
Operating Profit Margin (PBDIT/Sales)	(%)	14.79	17.24	14.89
Return on Total Assets (PBT/Total Assets)	(%)	7.44	7.50	1.06
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.03
Debt Equity Ratio (Total Debt /Networth)		2.47	2.58	2.24
Current Ratio (Current Asset/Current Liability)		1.10	1.25	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	162.500	162.500	162.500
Reserves & Surplus	112.814	179.859	222.516
Net worth	275.314	342.359	385.016
long-term borrowings	300.473	543.305	584.083
Short term borrowings	316.394	341.567	366.338
Total borrowings	616.867	884.872	950.421
Debt/Equity ratio	2.241	2.585	2.469

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	862.426	949.243	1015.820
		10.067	7.014

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	862.426	949.243	1015.820
Profit	6.521	47.045	42.657
	0.76%	4.96%	4.20%

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	Yes
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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered address has been shifted from the No. 2/2203, Viswanatham, Behind Sakkammal Kovil, Sivakasi – 626123, Tamilnadu, India to the present address w.e.f. 03.03.2014

INDEX OF CHARGES

S. No.	Charge Id	Date of Charge Creation/Modification	Charge Amount Secured	Charge Holder	Address	Service Request Number (SRN)
1	10513502	02/04/2014	30,000,000.00	City Union Bank Limited	13, Chairman N P S N Arumugam Road, Sivakasi - 626123, Tamilnadu, India	C15433543
2	10418747	28/02/2013	619,203,000.00	Bank of Baroda	403/14h, Ayyan Complex, Opp To Sivakasi Bus Stand, Sivakasi - 626123, Tamilnadu, India	B72895048
3	10333068	25/01/2012	287,500,000.00	Bank of Baroda	403/14h, Ayyan Complex, Opp To Sivakasi Bus Stand, Sivakasi - 626123, Tamilnadu, India	B31030562
4	10338991	14/07/2014 *	220,300,000.00	Bank of India	4th Floor, "Tarapore Towers", 826, Anna Salai, Chennai - 600002, Tamilnadu, India	C31797624
5	10294206	29/06/2011	8,300,000.00	Tamilnadu Industrial Investment Corporation Limited	No.692, Anna Salai, Nandanam, Chennai - 600035, Tamilnadu, India	B15822265
6	10165407	30/04/2012 *	154,100,000.00	Tamilnadu Industrial Investment Corporation Limited	No.692, Anna Salai, Nandanam, Chennai - 600035, Tamilnadu, India	B38255634
7	10160534	22/10/2007	142,175,000.00	City Union Bank Limited	Vembakottai Road., Sivakasi - 626123, Tamilnadu, India	A33403254
8	10099999	02/04/2014 *	658,175,000.00	City Union Bank Limited	13, Chairman N P S N Arumugam Road, Sivakasi - 626123, Tamilnadu, India	C15432065

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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.65.97
UK Pound	1	Rs.101.19
Euro	1	Rs.74.38

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	NKT

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.