MIRA INFORM REPORT

Report No. :	342972
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	VASA PHARMA CHEM PRIVATE LIMITED

Registered Office :	“R. V. Vasa House”, 88, Pankaj Co-operative Society Limited, Near Anjali BRTS Bus Stop, Bhatta, Paldi, Ahmedabad – 380007, Gujarat
Tel. No.:	91-79-26608012 / 3 / 4

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.04.1988

Com. Reg. No.:	04-010528

Capital Investment / Paid-up Capital :	Rs.4.500 Million

CIN No.: [Company Identification No.]	U24231GJ1988PTC010528

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMV00538G

PAN No.: [Permanent Account No.]	AAACV9594K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Pharmaceutical excipients, fine chemicals, API’s and allied products.

No. of Employees :	100 (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 110000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1988 and it is a manufacturer of pharmaceutical excipients, fine chemicals and allied products. For the financial year ended 2014, company has reported 33.00% sales turnover growth as compared to previous sales turnover and it has maintained satisfactory profitability margins at 4.37% during the year under a review. Rating takes into consideration company’s established track record of business operations marked by above average financial base and moderate debt protection metrics of the company. Trade relations are reported as fair. Payment terms are reported to be usually 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

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

Name :	Mr. Nilesh Shah
Designation :	Account Manager
Contact No.:	91-79-26608012
Date :	29.09.2015

LOCATIONS

Registered / Corporate Office:	“R. V. Vasa House”, 88, Pankaj Society, Near Anjali BRTS Bus Stop, Bhatta, Paldi, Ahmedabad – 380007, Gujarat, India
Tel. No.:	91-79-26608012 / 3 / 4
Fax No.:	Not Available
E-Mail :	vasapharma@yahoo.com vaishalivapl@rediffmail.com
Website :	www.vasapharmachem.com

Factory :	11, GIDC Estate, Behrampura, Ahmedabad – 380022, Gujarat, India
Tel. No.:	91-79-25322282 / 25358056

DIRECTORS

As on 29.09.2014

Name :

Mr. Jaimin Rasiklal Vasa

Designation :

Director

Address :

1, Ashvamegh Banglow, Vibhag-5, Ring Road., Ahedabad, 380015, Gujarat, India

Date of Birth/Age :

06.05.1953

Date of Appointment :

05.04.1988

DIN No.:

00425077

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	U51909GJ1988PTC010410	VAISHALI AGENCIES PRIVATE LIMITED	Director	03/03/1988	03/03/1988	-	Active	NO
2	U24231GJ1988PTC010528	VASA PHARMA CHEM PRIVATE LIMITED	Director	05/04/1988	05/04/1988	-	Active	NO
3	U24232GJ1990PTC013609	VASA LABORATORIES AND CHEMICALS PRIVATE LIMITED	Director	09/04/1990	09/04/1990	-	Active	NO
4	U15490GJ2011PTC066154	VASA WELLNESS PRIVATE LIMITED	Director	02/07/2011	02/07/2011	-	Active	NO
5	U52100GJ2011PTC068426	VASA AGENCIES PRIVATE LIMITED	Director	28/12/2011	28/12/2011	-	Active	NO
6	U15300GJ2011PTC068420	VASA FOODS AND BEVERAGES PRIVATE LIMITED	Director	28/12/2011	28/12/2011	-	Active	NO
7	U93090GJ2015NPL082398	CENTRE FOR R&D IN CHEMICAL AND ALLIED INDUSTRIES FOR MSME SECTOR	Director	25/02/2015	25/02/2015	-	Active	NO

Name :

Mrs. Vaishaliben Jaiminbhai Vasa

Designation :

Director

Address :

Bungalow No 1, Ashwamegh V, 132 Ft Ring Road Satellite, Ahmedabad, 380015, Gujarat, India

Date of Birth/Age :

28.12.1955

Date of Appointment :

21.07.1988

DIN No.:

01290032

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	U51909GJ1988PTC010410	VAISHALI AGENCIES PRIVATE LIMITED	Director	01/03/1988	01/03/1988	-	Active	NO
2	U24231GJ1988PTC010528	VASA PHARMA CHEM PRIVATE LIMITED	Director	21/07/1988	21/07/1988	-	Active	NO
3	U24232GJ1990PTC013609	VASA LABORATORIES AND CHEMICALS PRIVATE LIMITED	Director	09/04/1990	09/04/1990	-	Active	NO
4	U15490GJ2011PTC066154	VASA WELLNESS PRIVATE LIMITED	Director	02/07/2011	02/07/2011	-	Active	NO
5	U52100GJ2011PTC068426	VASA AGENCIES PRIVATE LIMITED	Director	28/12/2011	28/12/2011	-	Active	NO
6	U15300GJ2011PTC068420	VASA FOODS AND BEVERAGES PRIVATE LIMITED	Director	28/12/2011	28/12/2011	-	Active	NO

Name :

Mr. Runal Jaimin Vasa

Designation :

Director

Address :

1 - Ashwamegh Bunglow, Part V 132 Ring Road Satellite, Ahmedabad, 380015, Gujarat, India

Date of Birth/Age :

31.10.1978

Date of Appointment :

01.10.2002

DIN No.:

02707586

KEY EXECUTIVES

Name :	Mr. Nilesh Shah
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Jaimin R. Vasa	10000	1.00
Runal P. Patel	110000	11.00
Vaishali J. Vasa	10000	1.00
Jaiminbhai R. Vasa HUF	10000	1.00
Vrujal J. Vasa	110000	11.00
Jaiminbhai R. Vasa (Managing Trustee of R V Vasa Family Trust)	750000	75.00
Total	1000000	100.00

As on 29.09.2014

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 of Pharmaceutical excipients, fine chemicals, API’s and allied products.

Products :	Pharmaceutical Excipients Fine Chemicals API’s and Allied Products

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	United States of America

Imports :	Not Available

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

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

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEM’s

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Kalupur Cooperative Commercial Bank Limited
Branch Address	H.O Kalupur Bank Bhavan, Near Income Tax Circle, Ashram Road, Ahmedabad – 380009, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-79-27582020 (Ringing)
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.45.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

HSBC Bank Limited
ICICI Bank Limited
K.C.C. Bank Limited
Union Bank of India
Sarvodaya Commercial Co-operative Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Kalupur Cooperative Commercial Bank Limited – 100965 (against fixed deposit of the company)	1.126	13.509
Axis Bank Limited (Secured against Car)	0.000	0.392
Kalupur Bank – 33101301 (Secured against stock, property and bank guarantee)	3.381	6.233
Kalupur Cooperative Commercial Bank Limited – HYPO – 24 (Secured against stock, property and bank guarantee)	51.516	34.023
Kalupur Bank (Buyer’s Credit)	0.000	5.003
Kalupur Cooperative Commercial Bank Limited – 200522 (Secured against machinery at factory building)	3.540	1.102
ICICI Bank Limited – Car Loan	3.230	0.000
Total	62.793	60.262

Auditors :
Name :	Dhiren Shah and Company Chartered Accountants
Address :	2^nd Floor, Swastik Avenue, Opposite Omkar House, Swastik Soceity, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26420854 / 26423324 / 26445013
Fax No.:	91-79-26561431
E-Mail :	dhirenshah_co2000@yahoo.com
PAN No.:	AAIFD1988N

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

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

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

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

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

450000	Equity Shares	Rs.10/- each	Rs.4.500 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	4.500	3.000	1.000
(b) Reserves & Surplus	33.938	24.642	20.405
(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)	38.438	27.642	21.405

(3) Non-Current Liabilities
(a) long-term borrowings	93.674	70.425	56.276
(b) Deferred tax liabilities (Net)	1.903	1.478	1.269
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	95.577	71.903	57.545

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	38.911	36.929	32.099
(c) Other current liabilities	2.042	14.790	3.873
(d) Short-term provisions	5.914	3.576	5.145
Total Current Liabilities (4)	46.867	55.295	41.117

TOTAL	180.882	154.840	120.067

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.859	57.253	48.886
(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	1.270	1.072	0.947
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.538	0.505	0.056
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	69.667	58.830	49.889

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.830	22.389	25.706
(c) Trade receivables	54.230	45.871	34.028
(d) Cash and cash equivalents	21.110	18.857	4.295
(e) Short-term loans and advances	6.119	8.225	5.706
(f) Other current assets	1.926	0.668	0.443
Total Current Assets	111.215	96.010	70.178

TOTAL	180.882	154.840	120.067

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	251.699	189.354	129.580
	Other Income	2.199	1.399	NA
	TOTAL	253.898	190.753	NA

Less	EXPENSES
	Cost of Materials Consumed	168.010	129.100
	Purchases of Stock-in-Trade	3.651	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.520)	3.937
	Employees benefits expense	10.810	7.342
	Other expenses	48.861	33.293
	TOTAL	226.812	173.672	NA

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	27.086	17.081	NA

Less	FINANCIAL EXPENSES	6.974	4.427	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	20.112	12.654	10.789

Less/ Add	DEPRECIATION/ AMORTISATION	4.087	3.301	2.735

	PROFIT/ (LOSS) BEFORE TAX	16.025	9.353	8.054

Less	TAX	5.051	3.001	2.470

	PROFIT/ (LOSS) AFTER TAX	10.974	6.352	5.584

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	24.191	19.955	14.487

Less	APPROPRIATIONS
	Utilized for issue for bonus share	1.500	2.000	0.000
	Proposed Dividend	0.150	0.100	0.100
	Tax on Dividend	0.028	0.016	0.016
	Total	1.678	2.116	0.116

	Balance Carried to the B/S	33.487	24.191	19.955

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	$620185.07	$441581	$124373

	IMPORTS
	Raw Materials	$622199.4	$421683	$383783

	Earnings / (Loss) Per Share (Rs.)
	Basic	24.39	21.18	12.40
	Diluted	26.94	22.19	12.40

Particulars

31.03.2015

Sales Turnover (Approximately)

350.000

The above information has been parted by Mr. Nilesh Shah (Account Manager).

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	(21.527)	NA	NA
Net cash flows from	(1.007)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.36	3.35	4.31

Operating Profit Margin (PBDIT / Sales)	(%)	10.76	9.02	NA

Return on Total Assets (PBT/Total Assets}	(%)	8.92	6.08	6.76

Return on Investment (ROI) (PBT/Networth)		0.42	0.34	0.38

Debt Equity Ratio (Total Debt/Networth)		2.44	2.55	2.63

Current Ratio (Current Asset/Current Liability)		2.37	1.74	1.71

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	3.000	4.500
Reserves & Surplus	20.405	24.642	33.938
Net worth	21.405	27.642	38.438

long-term borrowings	56.276	70.425	93.674
Short term borrowings	0.000	0.000	0.000
Total borrowings	56.276	70.425	93.674
Debt/Equity ratio	2.629	2.548	2.437

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)
Sales	129.580	189.354	251.699
		46.129	32.925

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	129.580	189.354	251.699
Profit	5.584	6.352	10.974
	4.31%	3.35%	4.36%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four 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

CORPORATE INFORMATION

Subject was incorporated on 05.04.1988 vide Certificate of Incorporation No. U24231GJ1988PTC010528 under the Companies Act, 1956. The assesse company is engaged in the business activity of manufacturing and trading of bulk drugs.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC Bank Limited	0.491	0.999
TATA Capital Limited	0.661	1.342
From Shareholders
Jaimin R. Vasa (HUF) (Prop. Varun Investment)	29.729	7.822
Total	30.881	10.163

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10400482	25/09/2014 *	8,347,000.00	THE KALUPUR COMMERCIAL COOPERATIVE BANK LIMITED	"KALUPUR BANK BHAVAN", NR. INCOME TAX CIRCLE, AS HRAM ROAD, AHMEDABAD - 380014, Gujarat, INDIA	C23388549
2	10324243	20/09/2014 *	92,628,000.00	THE KALUPUR COMMERCIAL COOPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, NEAR INCOME TAX CIRCLE, ASHRAM ROAD, AHMEDABAD - 380014, Gujarat, INDIA	C23227069
3	10324127	25/09/2014 *	65,000,000.00	THE KALUPUR COMMERCIAL COOPERATIVE BANK LIMITED	"KALUPUR BANK BHAVAN", NEAR INCOME TAX CIRCLE, ASHRAM ROAD, AHMEDABAD - 380014, Gujarat, INDIA	C23202419

* Date of charge modification

FIXED ASSETS

Computer
Furniture
Air Conditioner
Electrical Installation
Factory Building
Plant and Machinery
Printer
Telephone

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.66.08
UK Pound	1	Rs.100.31
Euro	1	Rs.73.81

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	PNM

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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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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