MIRA INFORM REPORT

Report Date :

30.12.2011

IDENTIFICATION DETAILS

Name :	CONCAST EXIM LIMITED
Registered Office :	21 Hemant Basu Sarani, 5^th Floor, Room No. 511 # 512, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.01.2009
Com. Reg. No.:	08-132009
Capital Investment / Paid-up Capital :	Rs.151.005 Millions
CIN No.: [Company Identification No.]	U51101WB2009PLC132009
TAN No.: [Tax Deduction & Collection Account No.]	CALC06722C
PAN No.: [Permanent Account No.]	AADCC5575G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer and Trader of Iron and Steel, Coal, Coke, 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 4000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having satisfactory track. The company is progressing well. 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 for normal 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 :	21 Hemant Basu Sarani, 5^th Floor, Room No. 511 # 512, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22130481/87
Fax No.:	91-33-22130488
E-Mail :	contact.concast@gmail.com mja_cal@yahoo.com
Website :	www.concastispat.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Sanjay Kumar Sureka

Designation :

Director

Address :

28/11, Shakespeare Sarani, Kolkata-700017, West Bengal, India

Date of Birth/Age :

22.01.1971

Date of Appointment :

15.01.2009

Election Commission Identity Card No.:

WB-23-146-069180

Din No.:

00218025

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909WB1978PLC031558	SUREKA EXPORTS LIMITED	Director	02-11-92	02-11-92	-	Active	NO
2	U27101WB1941PLC010497	CONCAST ISPAT LIMITED	Managing director	01-04-09	27-09-99	-	Active	NO
3	U70109WB2002PTC094216	CONCAST INFRASTRACTURE PRIVATE LIMITED	Director	16-04-10	11-02-02	-	Active	NO
4	U27109WB1995PLC071063	CONCAST BENGAL INDUSTRIES LIMITED	Director	30-09-11	12-02-02	-	Active	NO
5	U15499WB2002PLC094218	ORGANIC GREEN FOODS LIMITED	Director	12-02-02	12-02-02	30-04-09	Active	NO
6	U27109WB1995PLC067953	DANKUNI STEELS LIMITED	Director	10-04-04	10-04-04	-	Active	NO
7	U27109WB2004PLC099978	CONCAST ENERGY LIMITED	Director	28-09-04	28-09-04	04-05-09	Active	NO
8	U14108WB2005PTC104298	BANKURA DRI MINING MANUFACTURERS COMPANY PRIVATE LIMITED	Director	27-07-05	27-07-05	-	Active	NO
9	U36900WB2006PTC108596	CONCAST BEVERAGES PRIVATE LIMITED	Director	17-03-06	17-03-06	-	Active	NO
10	U27106WB1996PLC076334	CONCAST GLOBAL LIMITED	Director	30-09-11	13-05-06	-	Active	NO
11	U51909WB2006PLC111597	CONCAST VYAPAAR LIMITED	Director	25-10-06	25-10-06	-	Active	NO
12	U27310WB2007PLC118140	CONCAST SHEETS AND TUBES LIMITED	Director	28-08-07	28-08-07	04-05-09	Active	NO
13	U51109WB1990PTC048957	JAI BHOLA TRADING COMPANY PRIVATE LIMITED	Director	14-01-08	14-01-08	27-04-09	Active	NO
14	U51909WB1995PLC072045	CONCAST STEEL AND POWER LIMITED	Managing director	15-07-09	03-07-08	-	Active	NO
15	U27100WB2008PTC129844	CONCAST ENGINEERING PRIVATE LIMITED	Director	03-10-08	03-10-08	-	Active	NO
16	U51101WB2009PLC132009	CONCAST EXIM LIMITED	Director	15-01-09	15-01-09	-	Active	NO
17	U85110WB2009PTC139889	INDO-US HEALTHCARE PRIVATE LIMITED	Director	03-12-09	03-12-09	-	Active	NO
18	U10102AR2008PLC008257	SATYAM MINING AND MINERALS LIMITED	Director	07-01-10	07-01-10	-	Active	NO
19	U40105AR2008PLC008256	SATYAM (NORTH EAST) THERMAL POWER LIMITED	Director	07-01-10	07-01-10	-	Active	NO
20	U26940AR2010PLC008294	SATYAM CEMENTS MANUFACTURING LIMITED	Director	05-03-10	05-03-10	-	Active	NO
21	U51101WB2010PTC151974	ROOTSTAR TRADELI NK PRIVATE LIMITED	Director	10-09-10	10-09-10	-	Active	NO
22	U45400WB2010PLC153282	CONCAST INFRATECH LIMITED	Director	22-09-10	22-09-10	-	Active	NO
23	U67190WB2011PTC158382	CONCAST LEASING AND FINANCE PRIVATE LIMITED	Director	02-02-11	02-02-11	-	Active	NO
24	U26922WB2006PTC109915	SWATI UDYOG PRIVATE LIMITED	Director	21-06-11	15-03-11	-	Active	NO
25	U41000WB2011PTC160977	CONCAST INDO RUSS WATER PRIVATE LIMITED	Director	21-03-11	21-03-11	-	Active	NO
26	U64202WB1995PLC075980	I-WIN ADVISORY SERVICES LIMITED	Director	29-09-11	02-05-11	-	Active	NO
27	U51909WB2007PTC118553	SODEPUR COMMERCIAL PRIVATE LIMITED	Director	30-09-11	01-06-11	-	Active	NO
28	U45400WB2011PTC170236	CONCAST DAMOH ROAD PROJECT PRIVATE LIMITED	Director	02-12-11	02-12-11	-	Active	NO
29	U45203WB2011PTC170728	CONCAST DHANETA ROAD PROJECTS PRIVATE LIMITED	Director	15-12-11	15-12-11	-	Active	NO
30	U45400WB2011PTC171170	CONCAST JAWASA ROAD PROJECTS PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO
31	U45203WB2011PTC171173	CONCAST PATAN ROAD PROJECTS PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO
32	U45400WB2011PTC171198	CONCAST AMBHA ROAD PROJECTS PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO

Name :

Mr. Anil Kumar Kedia

Designation :

Director

Address :

4/5, Singh Bagan Lane, Kolkata-700006, West Bengal, India

Date of Birth/Age :

14.01.1973

Date of Appointment :

15.01.2009

Election Commission Identity Card No.:

WB-21-143-147300

Din No.:

01364304

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	U27106WB1996PLC076334	CONCAST GLOBAL LIMITED	Director	13-05-06	13-05-06	Active	NO
2	U51101WB2009PLC132009	CONCAST EXIM LIMITED	Director	18-05-09	15-01-09	Active	NO
3	U27109WB1995PLC067953	DANKUNI STEELS LIMITED	Director	19-03-09	19-03-09	Active	NO
4	U51909WB2006PLC111597	CONCAST VYAPAAR LIMITED	Director	30-09-11	31-03-11	Active	NO

Name :

Mr. Chetan Kumar Jain

Designation :

Director

Address :

F-53/7, Karunamoyee Estate, Salt Lake, Kolkata-700091, West Bengal, India

Date of Birth/Age :

30.01.1974

Date of Appointment :

14.01.2010

Election Commission Identity Card No.:

WB-20-139-783602

Din No.:

00694433

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB1994PTC063377	CAMPO COMMERCIAL PRIVATE LIMITED	Director	27-02-97	27-02-97	-	Active	NO
2	U74140WB2005PTC106250	FASTRACK LOGISTICS AND SERVICES PRIVATE LIMITED	Director	15-05-06	15-05-06	01-09-09	Active	NO
3	U51101WB2009PLC132009	CONCAST EXIM LIMITED	Additional director	14-01-10	14-01-10	-	Active	NO
4	U27106WB1996PLC076334	CONCAST GLOBAL LIMITED	Additional director	15-01-10	15-01-10	-	Active	NO
5	U51101WB2010PTC151974	ROOTSTAR TRADELI NK PRIVATE LIMITED	Director	10-09-10	10-09-10	-	Active	NO
6	U45400WB2010PLC153282	CONCAST INFRATECH LIMITED	Director	22-09-10	22-09-10	-	Active	NO
7	U28999WB2010PTC154383	CONCAST WHEEL AND AXLE PRIVATE LIMITED	Director	01-11-10	01-11-10	-	Active	NO
8	U67190WB2011PTC158382	CONCAST LEASING AND FINANCE PRIVATE LIMITED	Director	02-02-11	02-02-11	-	Active	NO
9	U26922WB2006PTC109915	SWATI UDYOG PRIVATE LIMITED	Director	15-03-11	15-03-11	-	Active	NO
10	U41000WB2011PTC160977	CONCAST INDO RUSS WATER PRIVATE LIMITED	Director	21-03-11	21-03-11	-	Active	NO
11	U64202WB1995PLC075980	I-WIN ADVISORY SERVICES LIMITED	Director	29-09-11	02-05-11	-	Active	NO
12	U45400WB2011PTC170236	CONCAST DAMOH ROAD PROJECT PRIVATE LIMITED	Director	02-12-11	02-12-11	-	Active	NO
13	U45203WB2011PTC170728	CONCAST DHANETA ROAD PROJECTS PRIVATE LIMITED	Director	15-12-11	15-12-11	-	Active	NO
14	U45400WB2011PTC171170	CONCAST JAWASA ROAD PROJECTS PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO
15	U45203WB2011PTC171173	CONCAST PATAN ROAD PROJECTS PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO
16	U45400WB2011PTC171198	CONCAST AMBHA ROAD PROJECTS PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Sanjay Kumar Sureka	20000
Sapna Sanjay Sureka	15000
Bimla Devi Sureka	15000
Concast Energy Limited, India	3706250
Concast Infrastructure Private Limited, India	3757500
Sodepur Commercial Private Limited, India	1340750
Alka Lefin Private Limited, India	7000
Blackberry Projects Private Limited, India	8600
Bonanja Agency Private Limited, India	30000
Chaturang Commercials Private Limited, India	70000
Concord Commodeal Private Limited, India	12000
Bishwanath Sureka	1000
Birendra Kumar Sureka	1000
Mahesh Kumar Sureka	1000
Anil Kumar Kedia	1000

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.70
Directors or relatives of directors	0.29
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader of Iron and Steel, Coal, Coke, etc.

GENERAL INFORMATION

Bankers :

· UCO Bank (Leas Bank), MIDC Branch, 2, India Exchange Place, Kolkata-700001, West Bengal, India

· Canara Bank, Prime Corporate Branch, Bells House, 21, Camac Street, Ground Floor, Kolkata-700016, West Bengal, India

· The Federal Bank Limited, 1 R N Mukherjee Road Branch, Kolkata-700001, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
State Bank of India	83.559	0.000
State Bank of India [FCNR Loan by earmarking the CC limit]	202.640	0.000
UCO Bank	186.691	0.000
United Bank of India	0.948	0.000
The Federal Bank Limited	217.516	0.000
United Bank of India [STL by earmarking the CC limit]	349.800	0.000
Total	1041.154	0.000

Banking Relations :	--
Auditors :
Name :	M Jain and Associates Chartered Accountants
Address :	9/12, Lal Bazar Street, Block E, 4^th Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22484936/22135583
Fax No.:	91-33-22135583
E-Mail :	mja_cal@yahoo.com
Pan No.:	AADCF2465F
Associates:	· Concast Ispat Limited · Dankunj Steel Limited · Organic Green Foods Limited · Concast Engineer Private Limited · SPS Steel and Power Limited · Concast Bengal Industries Limited · Concast Global Limited · Concast Vyappar Limited · Sureka Exports Limited · Concast Energy Limited · Concast Infrastructure Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17424560	Equity Shares	Rs.10/- each	Rs.174.246 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15100500	Equity Shares	Rs.10/- each	Rs.151.005 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		151.005	0.540
2] Share Application Money		0.880	0.000
3] Reserves & Surplus		869.943	0.000
4] (Accumulated Losses)		0.000	(0.006)
NETWORTH		1021.828	0.534
LOAN FUNDS
1] Secured Loans		1041.154	0.000
2] Unsecured Loans		30.000	0.000
TOTAL BORROWING		1071.154	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2092.982	0.534
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.092	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		30.432	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	315.780	0.000
	Sundry Debtors	2842.286	0.000
	Cash & Bank Balances	663.838	0.420
	Other Current Assets	0.000	0.000
	Loans & Advances	22.800	0.000
Total Current Assets		3844.704	0.420
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1448.324	0.000
	Other Current Liabilities	329.816	0.604
	Provisions	30.000	0.000
Total Current Liabilities		1808.140	0.604
Net Current Assets		2036.564	(0.184)
MISCELLANEOUS EXPENSES		0.894	0.718
TOTAL		2092.982	0.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	11411.410	0.000
		Other Income	16.978	0.000
		TOTAL (A)	11428.388	0.000
Less	EXPENSES
		Purchases	11418.527	0.000
		Direct Expenses	71.943	0.000
		Administrative and Other Expenses	24.549	0.006
		Increase / Decrease in Stocks	(315.780)	0.000
		TOTAL (B)	11199.239	0.006
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		229.149	(0.006)
Less	FINANCIAL EXPENSES (D)		81.490	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		147.659	(0.006)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.034	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		147.625	(0.006)
Less	TAX (H)		30.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		117.625	(0.006)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.006)	0.000
	BALANCE CARRIED TO THE B/S		117.619	(0.006)
	Earnings / (Loss) Per Share (Rs.)		68.48	(0.58)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	1.03	0.00
Net Profit Margin (PBT/Sales)	(%)	1.29	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.81	(1.43)
Return on Investment (ROI) (PBT/Networth)		0.14	(0.01)
Debt Equity Ratio (Total Liability/Networth)		2.82	1.13
Current Ratio (Current Asset/Current Liability)		2.13	0.70

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51101WB2009PLC132009
Name of the company	CONCAST EXIM LIMITED
Address of the registered office or of the principal place of business in India of the company	21 Hemant Basu Sarani, 5^th Floor, Room No. 511 # 512, Kolkata-700001, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	Canara Bank, Prime Corporate Branch, Bells House, 21, Camac Street, Ground Floor, Kolkata-700016, West Bengal, India
Email	managercb2560@canarabank.com
Nature of description of the instrument creating or modifying the charge	1. Common Hypothecation Agreement 2. Agreement for Opening Inland Irrevocable Letters of Credit (NF-447) 3. UCO Bank letter dated 21/11/2011 ceding pari-passu charge on the current assets of the company 3. Sanction Letter of Canara Bank Dated 11/11/2011 and Modification dated 30/11/2011
Date of instrument Creating the charge	01.12.2011
Amount secured by the charge	Rs.400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For OCC/ODBD of Rs.200.000 Millions: Base Rate plus 3.75% (floating) payable at monthly rests (Presently 14.50% per annum) Terms of Repayment OCC/ODBD-Rs.200.000 Millions and ILC/FLC(DA/DP)-Rs.200.000 Millions- Repayable on demand Margin For OCC/ODBD- 25% on Stocks and 30% on Book debts For ILC/FLC(DA/DP)-10% Extent and Operation of the charge The security created in favour of Canara Bank, Prime Corporate Branch shall operate as continuing security till repayment of Working Capital facilities of Rs.400.000 Millions (comprising of OCC/ODBD-Rs.200.000 Millions and ILC/FLC(DA/DP)-Rs.200.000 Millions (with sub-limit for Buyer's Credit-Rs.200.000 Millions) and by way of first charge over entire current assets of the company both present and future as prime security ranking pari passu with other working capital lenders of the Consortium. Others 1. The charged assets be kept at the Company risk and expense in good condition and fully insured against loss or damage by fire/SRCC/Burglary/Strike etc. 2. In case of Limit of Rs.200.000 Millions for ILC/FLC (DA/DP) Commission shall be charged 50% of the applicable Charges. 3. Other terms and conditions are as per terms and conditions as mentioned in above said Agreements and Sanction Letters of the bank.
Short particulars of the property charged	PRIMARY SECURITY: First charge over the entire current assets both present and future of the Company wherever located on Pari-passu basis with other working capital lenders of the Consortium. COLLATERAL SECURITY: First charge on the Landed property in the name of Mr. Sanjay Sureka, Mrs. Sapna Sureka, Mrs. Bandana Sureka, Mr. Ajay Sureka and Mr. K.C. Saraf on Pari passu basis with other working Capital lenders of the Consortium.

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.53.35
UK Pound	1	Rs.82.50
Euro	1	Rs.68.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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.