MIRA INFORM REPORT

Report No. :	342987
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	MAHAVIR SPINFAB PRIVATE LIMITED (w. e. f. 30.08.1996)
Formerly known as :	JAIN SHARES AND SECURITIES PRIVATE LIMITED
Registered Office :	Plot No. 5 and 6, 2^nd Floor, 14/75, Civil Lines, Kanpur-208001, Uttar Pradesh
Tel. No.:	91-515-2833405
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.1995
Com. Reg. No.:	20-018232
Capital Investment / Paid-up Capital :	Rs. 10.612 Million
CIN No.: [Company Identification No.]	U67120UP1995PTC018232
IEC No.:	0600000079
TAN No.: [Tax Deduction & Collection Account No.]	KNPM01231G
PAN No.: [Permanent Account No.]	AAACM9334L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Garments, Fabrics.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 280000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1995 and it is the manufacturer, exporter and importer of garments, fabrics, etc. It has moderate track. As per registrar of companies, the date of balance sheet (i.e. financial field) is shown as 31.03.2014 but the documents related to the financials for the year 2013 and 2014 are not available from any sources. However, as per financial of the year 2012, company’s financial position seems to be good with fair profit margins, healthy networth base and strong debt protection metrics. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 Bank Facilities = B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	April, 2015

Rating Agency Name	CRISIL
Rating	Short-Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April, 2015

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. Pratik
Designation :	Marketing Manager
Contact No.:	91-7705002180
Date :	28.09.2015

LOCATIONS

Registered Office :	Plot No. 5 and 6, 2^nd Floor, 14/75, Civil Lines, Kanpur-208001, Uttar Pradesh, India
Tel. No.:	91-515-2833405
Mobile No.:	91-7705002180 (Mr. Pratik)
Fax No.:	91-515-2833405
E-Mail :	pnto2@msfgroup.in
Website :	http://www.mahavirspinfab.in
Factory :	1081, Magar Wara, Unnao-209862, Uttar Pradesh, India
Branch Office :	59/132, A, Purani Dal Mandi, Naya Ganj, Kanpur-208001, Uttar Pradesh, India

DIRECTORS

AS ON: 30.09.2014

Name :

Mr. Rakesh Kumar Jain

Designation :

Director

Address :

16/12 - A, Civil Lines, Kanpur-208001, Uttar Pradesh, India

Date of Birth/Age :

07.03.1968

Date of Appointment :

13.06.1995

DIN No.:

00720244

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	U67120UP1995PTC018232	MAHAVIR SPINFAB PRIVATE LIMITED	Director	13/06/1995	13/06/1995	-	Active	NO
2	U18109UP2001PTC026148	PARASNATH TECHGARMENTS PRIVATE LIMITED	Director	25/07/2001	25/07/2001	-	Active	NO
3	U18204UP2011PTC047699	RED STAR SAFETY PRIVATE LIMITED	Director	02/12/2011	02/12/2011	-	Active	NO
4	U65923UP2011PTC047732	MSF INVESTMENTS PRIVATE LIMITED	Director	03/12/2011	03/12/2011	-	Active	NO

Name :

Mr. Sandeep Kumar Jain

Designation :

Director

Address :

16/12 - A, Civil Lines, Kanpur-208001, Uttar Pradesh, India

Date of Birth/Age :

17.01.1967

Date of Appointment :

01.08.2002

DIN No.:

00638621

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	U18109UP2001PTC026148	PARASNATH TECHGARMENTS PRIVATE LIMITED	Director	25/07/2001	25/07/2001	-	Active	NO
2	U67120UP1995PTC018232	MAHAVIR SPINFAB PRIVATE LIMITED	Director	01/08/2002	01/08/2002	-	Active	NO
3	U18204UP2011PTC047654	NOMADIC CASUALS PRIVATE LIMITED	Director	29/11/2011	29/11/2011	-	Active	NO
4	U65923UP2011PTC047732	MSF INVESTMENTS PRIVATE LIMITED	Director	03/12/2011	03/12/2011	-	Active	NO

Name :

Mrs. Shobha Jain

Designation :

Director

Address :

16/12 - A, Civil Lines, Kanpur-208001, Uttar Pradesh, India

Date of Birth/Age :

12.12.1972

Date of Appointment :

05.01.1998

DIN No.:

00473481

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	U67120UP1995PTC018232	MAHAVIR SPINFAB PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Active	NO
2	U18204UP2011PTC047699	RED STAR SAFETY PRIVATE LIMITED	Director	02/12/2011	02/12/2011	-	Active	NO

Name :

Mrs. Shweta Jain

Designation :

Director

Address :

16/12 - A, Civil Lines, Kanpur-208001, Uttar Pradesh, India

Date of Birth/Age :

22.10.1972

Date of Appointment :

04.01.1998

DIN No.:

00720265

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	U67120UP1995PTC018232	MAHAVIR SPINFAB PRIVATE LIMITED	Director	04/01/1998	04/01/1998	-	Active	NO
2	U18204UP2011PTC047654	NOMADIC CASUALS PRIVATE LIMITED	Director	29/11/2011	29/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pratik
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares
Rakesh Kumar Jain	152100
Sandeep Kumar Jain	128600
Shobha Jain	163500
Shweta Jain	120000
Ram Swaroop Jain	152000
Parasnath Techgarments Private Limited, India	340000
Parmeshwari Devi Jain	5000
Total	1061200

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2014

Category	Percentage
Bodies corporate	32.00
Directors or relatives of Directors	68.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Garments, Fabrics.
Products :	Garments Fabrics
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Germany Saudi Arabia Middle East
Imports :
Products :	Raw Material
Countries :	China Taiwan Korea
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS (As On: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Garments	Pieces	NA	NA	647737
Dyed Fabric	Meters	NA	NA	6087660

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 :

Wholesalers and Retailers

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 :

400 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Birhana Road, Kanpur, Uttar Pradesh, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Punjab National Bank
Term Loan – I (Repayable in 23 equal quarterly installments, last installment falling due on 01.04.2014. Interest rate as at 31.03.2012-14.75% p. a)	14.720	26.692
Term Loan – II (Repayable in 23 equal quarterly installments, last installment falling due on 01.04.2014. Interest rate as at 31.03.2012-14.75% p. a)	2.375	4.373
SHORT TERM BORROWING
Cash Credit	12.349	12.068
Packing Credit (Pre-Shipment)	30.632	31.479
FOUBP (Post Shipment Credit)	68.492	58.325
Total	128.568	132.937

Auditors :
Name :	Kedia Gupta and Associates Chartered Accountants
Address :	4-2^nd Floor, Roland Complex, 37/17, The Mall, Kanpur-208001, Uttar Pradesh, India
Tel. No :	91-512-3013548 / 3913989
Mobile. No :	91-9838002451
E-Mail :	Vijaykga93@rediffmail.com
PAN No.:	AABFK2148L
Memberships :	Not Available
Collaborators :	Not Available
Associate enterprise Owned by Directors/Shareholders : (As On: 31.03.2012)	Parasnath Techgarments Private Limited, India Nomadic Casuals Private Limited MSF Investments Private Limited RedStar Safety Private Limited

CAPITAL STRUCTURE

AS ON: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1061200	Equity Shares	Rs.10/- each	Rs. 10.612 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.612	10.612
(b) Reserves & Surplus	87.387	72.063
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	97.999	82.675
(3) Non-Current Liabilities
(a) long-term borrowings	36.539	40.249
(b) Deferred tax liabilities (Net)	6.590	7.138
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	43.129	47.387
(4) Current Liabilities
(a) Short term borrowings	111.473	101.872
(b) Trade payables	57.421	30.005
(c) Other current liabilities	41.191	28.722
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	210.085	160.599
TOTAL	351.213	290.661
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119.490	124.561
(ii) Intangible Assets	0.027	0.046
(iii) Capital work-in-progress	0.000	0.139
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.514	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.449	2.588
(e) Other Non-current assets	14.975	7.804
Total Non-Current Assets	138.455	135.138
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	66.577	38.860
(c) Trade receivables	127.745	87.558
(d) Cash and cash equivalents	1.699	7.417
(e) Short-term loans and advances	13.734	20.137
(f) Other current assets	3.003	1.551
Total Current Assets	212.758	155.523
TOTAL	351.213	290.661

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.612
2] Share Application Money		0.000
3] Reserves & Surplus		59.356
4] (Accumulated Losses)		0.000
NETWORTH		69.968
LOAN FUNDS
1] Secured Loans		139.912
2] Unsecured Loans		8.860
TOTAL BORROWING		148.772
DEFERRED TAX LIABILITIES		7.703
TOTAL		226.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		133.880
Capital work-in-progress		0.403
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.376
	Sundry Debtors	56.472
	Cash & Bank Balances	10.890
	Other Current Assets	0.000
	Loans & Advances	18.596
Total Current Assets		121.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.693
	Other Current Liabilities	8.391
	Provisions	1.090
Total Current Liabilities		29.174
Net Current Assets		92.160
MISCELLANEOUS EXPENSES		0.000
TOTAL		226.443

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Revenue from operations	583.913	593.908	289.033
	Other Income	32.478	35.137	NA
	TOTAL (A)	616.391	629.045	NA
Less:	EXPENSES
	Cost of Materials Consumed	439.466	441.048
	Purchases of Stock-in-Trade	15.454	12.572
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.907)	8.235
	Employees benefits expense	25.248	22.250
	Other expenses	96.386	97.487
	TOTAL (B)	566.647	581.592	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	49.744	47.453	NA
Less:	FINANCIAL EXPENSES (D)	12.461	11.072	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	37.283	36.381	24.087
Less:	DEPRECIATION/ AMORTISATION (F)	15.829	17.081	17.079
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	21.454	19.300	7.008
Less:	TAX (H)	6.130	6.593	1.327
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	15.324	12.707	5.681
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	406.441	185.866	185.866
	Advance from Foreign Buyer	9.312	3.011	0.000
	TOTAL EARNINGS	415.753	188.877	185.866
	Earnings / (Loss) Per Share (Rs.)	14.44	11.97	4.90

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2012	31.03.2011	31.03.2010
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		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	2.62	2.14	1.97
Operating Profit Margin (PBIDT/Sales)	(%)	8.52	7.99	NA
Return on Total Assets (PBT/Total Assets)	(%)	6.12	6.64	2.75
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.10
Debt Equity Ratio (Total Debt /Networth)		1.51	1.72	2.13
Current Ratio (Current Asset/Current Liability)		1.01	0.97	4.16

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)
Share Capital	10.612	10.612
Reserves & Surplus	72.063	87.387
Net worth	82.675	97.999
long-term borrowings	40.249	36.539
Short term borrowings	101.872	111.473
Total borrowings	142.121	148.012
Debt/Equity ratio	1.719	1.510

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	289.033	593.908	583.913
		105.481	(1.683)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	289.033	593.908	583.913
Profit	5.681	12.707	15.324
	1.97%	2.14%	2.62%

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	No
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 office of the company has been shifted from 59/132 A, Old Dalmandi, G-16, Kanpur-208001, Uttar Pradesh, India to the present address w. e. f. 06.10.2011

FINANCIAL RESULTS: (As On: 31.03.2012)

Directors have informed that the company has achieved a turnover of Rs. 583.913 million as against Rs. 593.908 million in previous year showing a marginal decline in sales. The Export Sales during the year was Rs. 411.710 million as compared to Rs. 478.400 million in the year 2010-11 despite the adverse market conditions prevailing in countries to which it was exporting. The indigenous sales has increased from Rs. 115.507 million in the year 2010-11 to Rs. 172.203 million in the year 2011-2012.

UNSECURED LOAN:

PARTICULARS	31.03.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
LONG TERM BORROWINGS:
From Related Parties	19.444	9.184
Total	19.444	9.184

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10022315	11/09/2006	8,000,000.00	PUNJAB NATIONAL BANK	BIRHANA ROAD BRANCH, KANPUR, UTTAR PRADESH - 208001, INDIA	A05712039
2	90279807	07/05/2012 *	222,900,000.00	PUNJAB NATIONAL BANK	BIRHANA ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA	B39806997
3	90279337	19/03/1998	1,000,000.00	PUNJAB NATIONAL BANK	B.O. GANDHI NAGAR, KANPUR, UTTAR PRADESH, INDIA	-

FIXED ASSETS:

Tangible

• Land
• Building
• Plant and Machinery
• Car
• Computer
• CC TV Camera
• Furniture and Fixtures
• Furniture and Fixtures (New)
• Tata LP 24 Seater Bus
• Inverter
• Mobile Instruments
• Motor Cycle / Scooter
• Water Cooler
• Office Equipment

Intangible

• Computer Software

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. 66.08
UK Pound	1	Rs. 100.32
Euro	1	Rs. 73.81

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HEN
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.