MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	VECTUS INDUSTRIES LIMITED
Registered Office :	“Kanchan “ Roshni Ghar Road, Near Achaleshwar Temple, Gwalior -474011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.08.2007
Com. Reg. No.:	01-019781
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U25202MP2007PLC019781
TAN No.: [Tax Deduction & Collection Account No.]	BPLV01607E
PAN No.: [Permanent Account No.]	AACCV5516B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Producer of Poly Propylene Random Copolymer (PPR-C) Piping Systeam
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 610000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	“Kanchan” Roshni Ghar Road, Near Achaleshwar Temple, Gwalior, Madhya Pradesh – 474011, India
Tel. No.:	91-751-4087269/3292642/2432428
Fax No.:	91-751-2232402
E-Mail :	Waterwell_gwl@redfiffmail.com atul@vectus.in info@vactus.in gwailor@vectus.in
Website :	www.vectus.in
Corporate Office:	A-101, Sector 83, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-3077200 (14 Lines)
E-Mail :	info@vectus.in
Factory 1 :	Plot No. 26, Sector – 2, IIE, Sidcul, Haridwar (Uttarakhand), India
Tel. No.:	91-1334-322220
E-Mail :	haridwar@vectus.in
Factory 2 :	Plot Nos. 412, 413, 414, Shree Developers Industrial Estate, Mahuakhera Ganj, Kashipur (Uttarakhand), India
E-Mail :	kashipur@vactus.in
Regional Offices:	Located At: Hyderabad Raipur Gaya Bangalore Pune Panipat Ghaziabad Jammu Jalandhar Jaipur Howrah

DIRECTORS

As on 30.09.2010

Name :

Mr. Atul Ladha

Designation :

Managing Director

Address :

263, Jiwaji Nagar, Thatipur, Gwalior, Madhya Pradesh – 474011, India

Date of Birth/Age :

16.09.1966

Date of Appointment :

30.08.2007

DIN No.:

00978072

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	U51102MP1997PTC012091	FABULOUS IMPEX PRIVATE LIMITED	Director	02/07/1997	02/07/1997	-	Active	NO
2	U25202MP1998PTC012849	GANGOTRI POLYMERS PRIVATE LIMITED	Managing director	29/05/1998	29/05/1998	-	Active	NO
3	U15311MP1997PTC011871	SUNRISE TANKS PRIVATE LIMITED	Managing director	14/01/2001	14/01/2001	-	Active	NO
4	U25202MP1990PTC006033	SINTIR PLAST CONTAINERS PRIVATE LIMITED	Managing director	24/05/2002	24/05/2002	-	Active	NO
5	U25202MP2000PTC014017	WATERWELL CONTAINERS PRIVATE LIMITED	Managing director	01/10/2002	01/10/2002	-	Active	NO
6	U25206MP2007PTC019335	WATERWELL MOULDINGS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Active	NO
7	U25202MP2007PLC019781	VECTUS INDUSTRIES LIMITED	Managing director	30/08/2007	30/08/2007	-	Active	NO
8	U70100MP2008PTC020293	LADHA REAL ESTATE PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO
9	U25200MP2008PTC021308	VECTUS MOULDINGS PRIVATE LIMITED	Director	07/11/2008	07/11/2008	-	Active	NO
10	U51494MP2006PTC018473	VIDHYA SAGAR DHODY MARKETING PRIVATE LIMITED	Director	11/08/2009	11/08/2009	-	Active	NO
11	U02101MP1997PTC011548	SHRI CHAKRADHAR PAPERS AND BOARDS PRIVATE LIMITED	Additional director	30/07/2011	30/07/2011	-	Active	NO

Name :

Mr. Ashish Baheti

Designation :

Managing Director

Address :

J-10, Sector -11, Noida, gautam Budh Nagar, Uttar Pradesh- 201301, India

Date of Birth/Age :

10.07.1968

Date of Appointment :

30.08.2007

DIN No.:

01162605

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	U74899DL1986PTC025064	PURE GANGA WATER SYSTEMS PRIVATE LIMITED	Director	25/08/1993	25/08/1993	-	Active	NO
2	U74899DL1989PTC038341	BAHETI ROTOPLAST PRIVATE LIMITED	Director	25/08/1993	25/08/1993	-	Active	NO
3	U25202MP2007PLC019781	VECTUS INDUSTRIES LIMITED	Managing director	30/08/2007	30/08/2007	-	Active	NO
4	U25200MP2008PTC021308	VECTUS MOULDINGS PRIVATE LIMITED	Director	07/11/2008	07/11/2008	-	Active	NO
5	U25202MP2000PTC014017	WATERWELL CONTAINERS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
6	U25202MP1990PTC006033	SINTIR PLAST CONTAINERS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
7	U25202MP1998PTC012849	GANGOTRI POLYMERS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
8	U15311MP1997PTC011871	SUNRISE TANKS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
9	U25206MP2007PTC019335	WATERWELL MOULDINGS PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO
10	U02101MP1997PTC011548	SHRI CHAKRADHAR PAPERS AND BOARDS PRIVATE LIMITED	Additional director	30/07/2011	30/07/2011	-	Active	NO

Name :

Mrs. Sunita Ladha

Designation :

Director

Address :

263, Jiwaji Nagar, Thatipur, Gwalior, Madhya Pradesh – 474011, India

Date of Birth/Age :

16.02.1969

Date of Appointment :

30.08.2007

DIN No.:

00980939

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	U25202MP1990PTC006033	SINTIR PLAST CONTAINERS PRIVATE LIMITED	Director	05/10/1990	05/10/1990	-	Active	NO
2	U25202MP2000PTC014017	WATERWELL CONTAINERS PRIVATE LIMITED	Director	04/02/2000	04/02/2000	-	Active	NO
3	U25206MP2007PTC019335	WATERWELL MOULDINGS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	01/04/2011	Active	NO
4	U25202MP2007PLC019781	VECTUS INDUSTRIES LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO

Name :

Mrs. Sarika Baheti

Designation :

Director

Address :

J-10, Sector -11, Noida, gautam Budh Nagar, Uttar Pradesh- 201301, India

Date of Birth/Age :

19.10.1968

Date of Appointment :

30.08.2007

DIN No.:

01146961

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	U74899DL1986PTC025064	PURE GANGA WATER SYSTEMS PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
2	U74899DL1989PTC038341	BAHETI ROTOPLAST PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
3	U25202MP2007PLC019781	VECTUS INDUSTRIES LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Atul ladha	2397500
Ashish Baheti	2400000
Sunita Ladha	50000
Sarika Beheti	50000
Atul Ladha and Sons ( HUF), India	50000
Ashish Behti ( HUF)	50000
Shanti Devi Ladha	2500
TOTAL	5000000

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 :	Producer of Poly Propylene Random Copolymer (PPR-C) Piping Systeam
Products :	PPR Piping System SWR and Agricultural PVC Piping System ASTM PVC Pressure Plumbing System Composite Pipe Pexipipe CPVC PPR Submersible Pipe and Coils Moulded Item
Brand Names :	VECTUS

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pipe and Fittings	MT	32545	32545 (As Assessed)	6480 ( As per Records)
Containers of Plastics	MT	1835	1835 (As Assessed)	325 ( As per Records)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Relationship Manager, Zonal Office Premises, City Centre, Gwailor – 474011, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan From Bank Term Loan Vectus Industries Limited a) From State Bank of India Gwalior (Term Loan Account No. 1194) Secured against the EM of factory land and building, Plant and machinery and other fixed assets of the company Guarantee by the director of the company and corporate guarantee by the 7 Group Companies. b) From State Bank of India Gwalior (Term Loan Account No.4483 Secured against the EM of Factory land and building , plant and machinery and other Fixed of the company. Personal Guaranted by the director of the company and corporate guarantee by the 7 Group of companies c) From State Bank of India Gwalior (Term Loan Account No.3478) Secured against the EM of Factory land and building, plant and machinery and other Fixed of the company. Personal Guaranted by the director of the company and corporate guarantee by the 7 Group of companies. d) From State Bank of India Gwalior (Term Loan Account No.40961) Secured against the EM of Factory land and building, plant and machinery and other Fixed of the company. Personal Guaranted by the director of the company and corporate guarantee by the 7 Group of companies. e) From State Bank of India Gwalior (Term Loan Account No.1718 ) Secured against the EM of Factory land and building, plant and machinery and other Fixed of the company. Personal Guaranted by the director of the company and corporate guarantee by the 7 Group of companies. f) From State Bank of India Gwalior (Term Loan Account No.96055 ) Secured against the EM of Factory land and building, plant and machinery and other Fixed of the company. Personal Guaranteed by the director of the company and corporate guarantee by the 7 Group of companies g) G) From State Bank of India Gwalior (Term Loan Account No.09140 ) Secured against the EM of Factory land and building, plant and machinery and other Fixed of the company. Personal Guaranted by the director of the company and corporate guarantee by the 7 Group of companies Term Loans Vectus Mouldings Private Limited Subsidiary of Vil a) From State Bank of India Gwalior ( Term Loan account no. 5258 ) Secured against the EM of Factory land and building , plant and machinery and other Fixed of the company. Personal Guaranteed by the director of the company and corporate guarantee by the 7 Group of companies Cash Credit Limit b) From State Bank of India Gwalior ( CC account no. 30060679984) Secured against the first charge on hypothecation of entire stock , including goods in transit and hypothecation of all present and future books debts/ receivable etc. residul charge on fixed assets of the company . Mortgage of the third party immovable properties personal guarantee by the directors of the company and corporate guarantee by the 7 group companies. Cash Credit Limit C) From State Bank of India Gwalior ( CC account no. 30593996271) Secured against the first charge on hypothecation of entire stock , including goods in transit and hypothecation of all present and future books debts/ receivable etc. residul charge on fixed assets of the company . Mortgage of the third party immovable properties personal guarantee by the directors of the company and corporate guarantee by the 7 group companies. Cash Credit Limit d) From State Bank of India Gwalior ( CC account no.3914 ) Secured against the first charge on hypothecation of entire stock , including goods in transit and hypothecation of all present and future books debts/ receivable etc. residul charge on fixed assets of the company . Mortgage of the third party immovable properties personal guarantee by the directors of the company and corporate guarantee by the 7 group companies. e) ICICI Bank Car Loan account Ghaziabad ( Secured against hypothecation of car) f) ICICI Bank Vehicle Loan Account Haridwar ( Secured against hypothecation of vehicle)	0.000 0.000 6.312 5.558 4.088 46.909 28.847 9.538 159.927 (0.277) 7.776 0.000 0.071	2.824 1.220 12.546 12.495 0.000 0.000 0.000 5.589 78.659 (0.015) 0.000 0.253 0.675
Total	268.749	114.246
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
A) From Director B) From Group Companies	21.302 3.012	23.600 1.911
Total	24.314	25.511

Banking Relations :
Financial Institution:	Electronic Finance Limited, 128/A, Plot No.3, Kailash Chandra Apartment, Paud Road, Kothrud, Pune- 411038, Maharasahtra, India
Auditors :
Name :	A.K. AGARWAL AND ASSOCIATES Chartered Accountant
Address :	F-28, Sanjay Complex, Jayendra Ganj, Lashkar, Gwalior, Madhya Pradesh- 474009, India
PAN.:	AALFA4576A
Associates/Subsidiaries :	VECTUS MOULDING PRIVATE LIMITED
Address :	Plot Nos. 415, Shree Developer Industrial Estate, Mahuakhera Ganj, Kashipur, Uttarakhand
Email :	kashipur@vectus.in
CIN No:	U25200MP2008PTC021308

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

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

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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		102.413	57.163	9.638
4] Minority Interest		1.819	0.002	0.000
NETWORTH		154.232	107.165	59.638
LOAN FUNDS
1] Secured Loans		268.749	114.246	110.789
2] Unsecured Loans		24.314	25.511	37.190
TOTAL BORROWING		293.063	139.757	147.979
DEFERRED TAX LIABILITIES		7.377	1.535	3.151
TOTAL		454.672	248.457	210.768
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		302.682	108.973	109.932
Capital work-in-progress		3.579	16.450	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	123.884	70.946	53.145
	Sundry Debtors	129.394	82.603	67.429
	Cash & Bank Balances	8.869	8.139	5.620
	Other Current Assets	9.681	2.832	1.723
	Loans & Advances	32.406	20.775	9.448
Total Current Assets		304.234	185.295	137.365
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	123.275	38.981	25.635
	Other Current Liabilities	21.542	13.749	9.041
	Provisions	11.319	9.967	2.200
Total Current Liabilities		156.136	62.697	36.876
Net Current Assets		148.098	122.598	100.489
MISCELLANEOUS EXPENSES		0.313	0.436	0.347
TOTAL		454.672	248.457	210.768

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	705.858	509.353	186.062
		Other Income	1.477	0.443	0.029
		TOTAL (A)	707.335	509.796	186.091
Less	EXPENSES
		Purchase of Finished Goods	7.028	1.844	3.449
		Raw Material Consumption	452.571	321.797	117.059
		Packing Material Consumption	14.768	10.377	4.254
		Manufacturing Expenses	42.688	23.713	10.369
		Administrative and Other Expenses	38.090	24.668	18.540
		Payment to Employees	61.464	46.861	18.766
		Rent, Rates and Taxes	4.617	5.051	2.005
		Increase and Decrease stock	(26.186)	(21.783)	(17.240)
		TOTAL (B)	595.040	412.528	157.202
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		112.295	97.268	28.889
Less	FINANCIAL EXPENSES (D)		22.743	15.826	7.628
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.552	81.442	21.261
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.779	22.600	6.271
	PROFIT BEFORE TAX (E-F) (G)		62.773	58.842	14.990
Less	TAX (I)		17.523	11.318	5.352
	PROFIT AFTER TAX (G-I) (J)		45.250	47.524	9.638
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		57.162	9.638	0.000
	BALANCE CARRIED TO THE B/S		102.412	57.162	9.638
	Earnings Per Share (Rs.)		9.05	9.50	1.93

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.40	9.32	5.18
Net Profit Margin (PBT/Sales)	(%)	8.89	11.54	8.06
Return on Total Assets (PBT/Total Assets}	(%)	10.34	19.10	6.06
Return on Investment (ROI) (PBT/Networth)		0.40	0.54	0.25
Debt Equity Ratio (Total Liability/Networth)		2.91	3.10	3.10
Current Ratio (Current Asset/Current Liability)		1.95	2.96	3.73

LOCAL AGENCY FURTHER INFORMATION

From 8:

Corporate identity number of the company	U25202MP2007PLC019781
Name of the company	VECTUS INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	“Kanchan “ Roshni Ghar Road, Near Achaleshwar Temple, Gwalior, Madhya Pradesh – 474011, India Email Id: waterwell_gwl@rediffmail.com
This form is for	Creation of charge
Type of charge	Movable Property (nor being pledge)
Particular of charge holder	Electronic Finance Limited, 128/A, Plot No.3, Kailashchandra Apartment, Paud Road, Kothrud, Pune – 411038, Maharasahtra. India Email Id: finance@electronicafinance.com
Nature of instrument creating charge	Agreement of Hypothecation dated 15^th February, 2011
Date of instrument Creating the charge	15.02.2011
Amount secured by the charge	Rs. 4.578 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 19.5% p.a Terms of Repayment : 48 Monthly Installments Margin: N.A Extent and Operation of the charge: First Charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Twin Screw Extruder located at kanchan Roshnigar Lane Near Achhushwar Temple Gwalior Delhi- 100005

Fixed Assets:

• Plant and Machinery
• Electrical Installation
• Moulds
• Office Equipment
• Computers
• Website
• Motor Car
• Motor Lorry
• Motor Cycle
• Furniture and Fixture
• Factory Building
• Land
• Building
• Freehold Land Kashipur
• Leasehold Land Haridwar
• Intangible Assets
• Computer Lease line
• Computers ERP

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.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.18

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.