MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	FRIENDS AUTO (INDIA) LIMITED
Registered Office :	B-222, Layak Ram Commercial Complex, Badarpur, New Delhi - 110 044
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.07.1997
Com. Reg. No.:	55-088642
Capital Investment / Paid-up Capital :	Rs.19.992 millions
CIN No.: [Company Identification No.]	U34300DL1997PLC088642
TAN No.: [Tax Deduction & Collection Account No.]	DELF02410C / DELF02662C
PAN No.: [Permanent Account No.]	AAACF1926D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Spring Leaves, Rear Axle Shaft, Auto Cylinder Liner, and Assemblies, etc.
No. of Employees :	Not Available

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 757000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	B-222, Layak Ram Commercial Complex, Badarpur, New Delhi - 110 044, India
E-Mail :	info@unikindia.com unik@unikindia.com khandelwalmalhotra@gmail.com
Website :	http://www.unikindia.com
Administration Office/ Factory :	38-A, Industrial Area, Faridabad – 121 001, Haryana, India
Tel. No.:	91-129-5029995, 5029996, 5029997, 5029998, 2232950
Fax No.:	91-129-2233329
Email :	info@unikindia.com
Sales Office :	Ankit Industrial Estate, Plot No.3, N.H. 8B, Gondal Road, Opposite Krishna Park, at Kothariya, Rajkot, Gujarat, India
Tel. No.:	91-281-2782032
Fax No.:	91-281-2782123

DIRECTORS

As on 30.09.2010

Name :

Mr. Amir Chand Mendiratta

Designation :

Managing Director

Address :

2B-97, NIT, Faridabad – 121 001, Haryana, India

Date of Birth/Age :

13.01.1937

Date of Appointment :

22.07.1997

DIN No.:

00305519

Name :

Mr. Dalip Kumar Mendiratta

Designation :

Director

Address :

2B-97, NIT, Faridabad - 121 001, Haryana, India

Date of Birth/Age :

21.12.1959

Date of Appointment :

22.07.1997

DIN No.:

00305475

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1983PTC017017	Unik Springs (India) Private Limited	Director	29-11-83	29-11-83	Active	NO
2	U74899DL1982PTC014704	East Bengal Investments Private Limited	Director	02-08-93	02-08-93	Active	NO
3	U74899DL1982PTC013257	Lord Bituman Products Private Limited	Director	28-09-96	28-09-96	Dormant	NO
4	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	22-07-97	22-07-97	Active	NO
5	U74899DL1991PTC045807	Anchor Alloys Private Limited	Director	15-03-04	15-03-04	Active	NO
6	U74899DL1991PTC045526	Vermeco Electricals Private Limited	Director	15-03-04	15-03-04	Dormant	NO
7	U51909DL2005PTC135596	M.Sons Exim Private Limited	Director	29-04-05	29-04-05	Active	NO
8	U51909WB1994PTC062641	Sungrowth Coke Private Limited	Director	05-07-05	05-07-05	Active	NO
9	U51909DL2004PTC130890	Hlkr Trading Company Private Limited	Director	01-10-05	01-10-05	Active	NO
10	U51909DL2005PTC137057	Kwick Fit Exim Private Limited	Director	01-04-07	01-04-07	Active	NO
11	U45400DL2007PTC161833	Unimax Buildcon Private Limited	Director	10-04-07	10-04-07	Strike off	NO

Name :

Mr. Amarjeet Singh Chawla

Designation :

Managing Director

Address :

1-A/ 258, NIT, Faridabad – 121 001, Haryana, India

Date of Birth/Age :

16.10.1965

Date of Appointment :

22.07.1997

DIN No.:

00310300

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1983PTC017017	Unik Springs (India) Private Limited	Director	29-11-83	29-11-83	Active	NO
2	U74899DL1982PTC014704	East Bengal Investments Private Limited	Director	18-03-87	18-03-87	Active	NO
3	U74899DL1982PTC013257	Lord Bituman Products Private Limited	Director	28-09-96	28-09-96	Dormant	NO
4	U34300DL1997PLC088642	Friends Auto (India) Limited	Managing director	28-06-08	22-07-97	Active	NO
5	U74899DL1991PTC045807	Anchor Alloys Private Limited	Director	15-03-04	15-03-04	Active	NO
6	U74899DL1991PTC045526	Vermeco Electricals Private Limited	Director	15-03-04	15-03-04	Dormant	NO
7	U51909WB2005PTC115210	Mehar Overseas Private Limited	Director	20-01-05	20-01-05	Active	NO
8	U51909DL2005PTC135596	M. Sons Exim Private Limited	Director	29-04-05	29-04-05	Active	NO
9	U51909DL2004PTC130890	Hlkr Trading Company Private Limited	Director	01-10-05	01-10-05	Active	NO
10	U51909WB1994PTC062641	Sungrowth Coke Private Limited	Director	15-11-06	15-11-06	Active	NO
11	U45400DL2007PTC161833	Unimax Buildcon Private Limited	Director	10-04-07	10-04-07	Strike off	NO
12	U51109WB2005PTC101498	Sadjyoti Traders Private Limited	Director	18-03-09	18-03-09	Active	NO
13	U34300WB2009PTC138036	Hindustan Auto Components Private Limited	Director	28-08-09	28-08-09	Active	NO

Name :

Mr. Paramjeet Singh Chawla

Designation :

Director

Address :

1-A/ 258, NIT, Faridabad – 121 006, Haryana, India

Date of Birth/Age :

30.12.1969

Date of Appointment :

30.09.2008

DIN No.:

00305425

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909DL2005PTC135596	M. Sons Exim Private Limited	Director	29-04-05	29-04-05	Active	NO
2	U45400DL2007PTC161833	Unimax Buildcon Private Limited	Director	10-04-07	10-04-07	Strike off	NO
3	U27310DL2007PTC164005	G P Mercantile Private Limited	Director	28-05-07	28-05-07	Active	NO
4	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	30-09-08	17-06-08	Active	NO
5	U51909DL2004PTC130890	HLKR Trading Company Private Limited	Additional director	28-06-08	28-06-08	Active	NO
6	U51109WB2005PTC101498	Sadjyoti Traders Private Limited	Director	18-03-09	18-03-09	Active	NO
7	U74900DL2010PTC209609	Mehar Steels Private Limited	Additional director	03-01-11	03-01-11	Active	NO

Name :

Mr. Inder Nihal Singh

Designation :

Director

Address :

5L/13, NIT, Faridabad – 121 001, Haryana, India

Date of Birth/Age :

01.04.1954

Date of Appointment :

30.09.2008

DIN No.:

02504255

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	30-09-08	28-06-08	Active	NO

Name :

Ravinder Kaur Chawla

Designation :

Director

Address :

1-A/ 258, NIT, Faridabad – 121 001, Haryana, India

Date of Birth/Age :

03.01.1972

Date of Appointment :

30.09.2008

DIN No.:

00305546

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1991PTC045526	Vermeco Electricals Private Limited	Director	30-09-93	30-09-93	Dormant	NO
2	U74899DL1991PTC045807	Anchor Alloys Private Limited	Director	10-09-94	10-09-94	Active	NO
3	U51909WB2005PTC115210	Mehar Overseas Private Limited	Director	20-01-05	20-01-05	Active	NO
4	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	30-09-08	28-06-08	Active	NO
5	U34300WB2009PTC138036	Hindustan Auto Components Private Limited	Director	28-08-09	28-08-09	Active	NO
6	U74900DL2010PTC209609	Mehar Steels Private Limited	Director	20-10-10	20-10-10	Active	NO

Name :

Rajinder Kaur Chawla

Designation :

Director

Address :

1-A/ 258, NIT, Faridabad – 121 001, Haryana, India

Date of Birth/Age :

18.01.1960

Date of Appointment :

30.09.2008

DIN No.:

02504213

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	30-09-08	28-06-08	Active	NO

Name :

Shanti Chawla

Designation :

Director

Address :

1-A/ 258, NIT, Faridabad – 121 001, Haryana, India

Date of Birth/Age :

05.04.1932

Date of Appointment :

30.09.2008

DIN No.:

00305454

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	30-09-08	28-06-08	Active	NO

Name :

Gurneet Kaur Chawla

Designation :

Director

Address :

1A-258, NIT Faridabad – 121 001, Haryana, India

Date of Birth/Age :

29.05.1974

Date of Appointment :

30.09.2008

DIN No.:

02506151

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27310DL2007PTC164005	G P Mercantile Private Limited	Director	28-05-07	28-05-07	Active	NO
2	U34300DL1997PLC088642	Friends Auto (India) Limited	Director	30-09-08	28-06-08	Active	NO
3	U74900DL2010PTC209609	Mehar Steels Private Limited	Director	20-10-10	20-10-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Amir Chand	52110
Dalip Kumar	19530
Unik Springs India Private Limited, India	540
Paramjeet Singh	37825
Amarjeet Singh	32094
Arvind Kumar	1800
Sudhir Mendiratta	7698
Jitendra Mendiratta	7776
Sanjay Mendiratta	6659
Amarjeet Singh Karta Amarjeet Brothers HUF	27250
Sarabjeet Singh U/G Amarjeet Singh	3319
Harjot Singh U/G Amarjeet Singh	3318
Total	199919

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.27
Directors or relatives of directors	99.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Spring Leaves, Rear Axle Shaft, Auto Cylinder Liner, and Assemblies, etc.
Products :	§ Spring Leaves § Rear Axle Shaft § Auto Cylinder Liner Sleeve § Piston § Ring

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Spring Leaves/ Assembly	Nos.	670750
Axle	Nos.	8008

GENERAL INFORMATION

Customers :

v TATA Motors Limited

v VE Commercial Vehicles

v Vehicle Factory, Jabalpur

v Ais Motor Works, Bhuj

v Ashok Leyland

v BEML

v ANG Auto

v All India State Road Transport Undertaking (ASRTU)

No. of Employees :

Not Available

Bankers :

v Canara Bank, 8A, Nehru Ground, NIT, Faridabad – 121 001, Haryana, India

v ICICI Bank Limited

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
HDFC Bank Limited
Against hypothecation of Car	0.000	1.137
Canara Bank
Against Book Debts	40.900	29.295
Total	40.900	30.432

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Companies	64.991	61.616
Total	64.991	61.616

Banking Relations :	Satisfactory
Auditors :
Name :	Hitkari and Hitkari Chartered Accountants
Address :	3/13-B, Asaf Ali Road, New Delhi – 110 002, India
Income-tax PAN of auditor or auditor's firm :	AAAFH4322G
Subsidiaries :	HLKR Trading Company Private Limited CIN No.: U51909DL2004PTC130890
Enterprises having common key Management Personnel :	v Unik Springs (India) Private Limited v Ancher Alloyes Private Limited v Unik Springs (India) v Hindustan Automotives v Kwick Fit (India) v Sun Growth Coke Private Limited v East Bengal Investments (Private) Limited v Vermaco Electricals Private Limited v Lod Bitumen Products Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199919	Equity Shares	Rs.100/- each	Rs.19.992 millions

Note : Of the above 20960 equity shares or Rs.100 each were allotted as fully paid up bonus shares by capitalization of General Reserve)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		19.992	19.992	19.991
2] Share Application Money		58.000	58.000	0.000
3] Reserves & Surplus		111.281	95.592	80.112
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		189.273	173.584	100.103
LOAN FUNDS
1] Secured Loans		40.900	30.432	40.807
2] Unsecured Loans		64.991	61.616	161.103
TOTAL BORROWING		105.891	92.048	201.910
DEFERRED TAX LIABILITIES		4.344	4.585	3.378
TOTAL		299.508	270.217	305.391
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150.108	157.683	153.027
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.000	1.000	1.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.507	86.565	89.411
	Sundry Debtors	99.586	71.866	125.558
	Cash & Bank Balances	17.755	33.446	19.788
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.160	65.526	78.604
Total Current Assets		333.008	257.403	313.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.746	89.570	88.785
	Other Current Liabilities	34.474	30.401	36.955
	Provisions	34.388	25.898	36.257
Total Current Liabilities		184.608	145.869	161.997
Net Current Assets		148.400	111.534	151.364
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		299.508	270.217	305.391

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1117.071	1075.124	1249.275
		Job work receipts	0.000	0.437	0.296
		Other Income	0.898	0.798	0.934
		Closing Stock	77.414	48.989	14.535
		TOTAL (A)	1195.383	1125.348	1265.040
Less	EXPENSES
		Opening Stock	48.989	14.535	7.750
		Raw Materials Consumed	868.786	854.889	940.203
		Stores Consumed	68.225	63.034	91.065
		Power Consumed	7.941	7.304	7.184
		Fuel & Oil	68.533	55.537	74.377
		Factory Wages	14.221	14.342	16.899
		Administrative Staff Salaries	9.846	9.835	8.869
		Workmen & Staff Welfare	1.542	2.100	1.520
		Employer's Contribution towards	2.322	2.204	2.394
		Director's Remuneration	2.520	3.052	1.742
		Repairs & Maintenance	7.118	3.693	4.414
		Other Expenses	52.565	48.907	62.687
		TOTAL (B)	1152.608	1079.432	1219.104
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.775	45.916	45.936
Less	INTEREST (D)		9.867	13.628	12.660
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.908	32.288	33.276
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.970	8.500	6.661
	PROFIT BEFORE TAX (E-F) (G)		23.938	23.788	26.615
Less	TAX (H)		8.248	8.329	9.330
	PROFIT AFTER TAX (G-H) (I)		15.690	15.459	17.285
	Excess income tax provision written back		0.000	0.021	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.007	0.005	0.010
Less	APPROPRIATIONS
		Transfer to General Reserve	15.690	15.478	17.290
	BALANCE CARRIED TO THE B/S		0.007	0.007	0.005
	Earnings Per Share (Rs.)		78.48	77.33	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.31	1.37	1.37
Net Profit Margin (PBT/Sales)	(%)	2.14	2.21	2.13
Return on Total Assets (PBT/Total Assets}	(%)	4.95	5.73	5.71
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.27
Debt Equity Ratio (Total Liability/Networth)		1.53	1.37	3.64
Current Ratio (Current Asset/Current Liability)		1.80	1.76	1.93

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U34300DL1997PLC088642
Name of the company	FRIENDS AUTO (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-222, Layak Ram Commercial Complex, Badarpur, New Delhi - 110 044, India E-Mail: khandelwalmalhotra@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Others (Corporate Guarantee)
Particular of charge holder	Canara Bank, 8A, Nehru Ground, NIT, Faridabad – 121 001, Haryana, India E-Mail: cb330@canarabank.com
Nature of description of the instrument creating or modifying the charge	EMT letter evidencing deposit of title deeds dated 23.09.2011.
Date of instrument Creating the charge	23.09.2011
Amount secured by the charge	Rs.490.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: @14.25% p.a. floating payable by Mehar Steels (Private) Limited Terms of Repayment: Working capital limits payable on demand. Term loan to be repaid as per agreement by Mehar Steels (Private) Limited Margin: As per bank norms Extent and Operation of the charge: First charge on assets to secure limits amounting to Rs.490.000 millions granted to Mehar Steels (Private) Limited.
Short particulars of the property charged	Equitable mortgage of immovable properties of the company situated at Plot No.52, Industrial Area, NIT, Faridabad measuring 17133.60 sq. yards together with all buildings, structures, fixtures, fittings, machineries, standing/ installed thereon and to be erected/ installed or put up in future. Corporate Guarantee of the company.

FIXED ASSETS:

v Land

v Agricultural Farm Land

v Factory Building

v Dwelling Unit

v Tubewell

v Electric Installations

v Plant and Machinery

v Furniture and Fixtures

v Laboratory Equipments

v Fire Extinguishers

v Office Equipments

v Computers

v Coolers and Air Conditioners

v Cars

v Scooters

v Cycle

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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

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	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
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.