MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	WESMAN THERMAL ENGINEERING PROCESSESS PRIVATE LIMITED
Registered Office :	Wesman Centre , 8, Mayfair Road, Near Punjab Bhwan, Kolkata – 700019, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.10.1973
Com. Reg. No.:	21-29031
Capital Investment / Paid-up Capital :	Rs.3.400 Millions
CIN No.: [Company Identification No.]	U74210WB1973PTC029031
TAN No.: [Tax Deduction & Collection Account No.]	CALW02481D
PAN No.: [Permanent Account No.]	AAACW2786Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufactures and Exporter of Industrial Furnaces, Foundry Machinery, Oil/Gas Burners, Control Valves, Industrial Fans and Blowers.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 913484
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct an as per commitments. The company can be considered good 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

INFORMATION PARTED BY

Name :	Mr. Rajesh Shah
Designation :	Director
Contact No.:	91-9831684746
Name :	Mr. Anil Vaswani
Designation :	Director
Name :	Mr. Bharat
Designation :	Key Executive
Contact No.:	91-33-40020300
Date :	05.10.2011

LOCATIONS

Registered/ Head/ Corporate Office :	Wesman Centre, 8, Mayfair Road, Near Punjab Bhwan, Kolkata – 700019, West Bengal, India
Tel. No.:	91-33-40020300/ 40020372
Fax No.:	91-33-22816402/ 22908050
E-Mail :	mailbox@wesman.com combustion@wesman.com Gautam@wesman.com corporate@wesman.com
Website :	http://www.wesman.com
Location :	Owned
Factory :	41, Dum Dum Road, Kolkata – 700074, West Bengal, India
Tel. No.:	91-33-25514104
Fax No.:	91-33-25516774
E-Mail :	works@wesman.com
Location :	Owned
Warehouse :	54 B/1, Tiljala Road, Kolkata – 700046, West Bengal, India
Tel No.:	91-33-65214100/ 65214101
Branch Office :	Located at: § Kolkata § New Delhi § Mumbai § Chennai § Pune § Bangalore § Ahmedabad § Hyderabad § Nagpur § Indore
Regional Sales and Services Offices :	Located at: § New Delhi § Mumbai § Chennai § Pune § Bangalore § Ahmedabad § Nagpur § Hyderabad § Kolkapur

DIRECTORS

AS ON 30.09.2009

Name :

Mr. Tony Arjan Vaswani

Designation :

Managing Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

25.07.1950

Date of Appointment :

10.10.1973

Din No.:

00194682

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	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Managing director	10-10-73	10-10-73	-	Active	NO
2	U29292WB1951PTC019898	WESMAN ENG. CO PRIVATE LIMITED	Director	01-11-75	01-11-75	-	Active	NO
3	U29141WB1993PTC058694	IPSEN TECHNOLOGIES PRIVATE LIMITED	Director	29-04-93	29-04-93	19-12-08	Active	NO
4	U29130WB1994PTC063200	WESMAN DEPENDABLE REDFORD CARVER FOUNDRY PRODUCTS PRIVATE LIMITED	Director	12-05-94	12-05-94	-	Strike off	NO
5	U27209WB1998PTC086393	WESMAN SIMPSON TECHNOLOGIES PRIVATE LIMITED	Director	22-01-98	22-01-98	-	Active	NO
6	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Director	19-03-98	19-03-98	-	Active	NO
7	U45203WB2007PTC113500	WESMAN CERATECH PRIVATE LIMITED	Director	19-02-07	19-02-07	-	Active	NO
8	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Director	11-11-08	11-11-08	-	Active	NO

Name :

Mr. Rajan Arjan Vaswani

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.09.1948

Date of Appointment :

10.10.1973

Din No.:

00194709

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	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Director	10-10-73	10-10-73	-	Active	NO
2	U29292WB1951PTC019898	WESMAN ENG. CO PRIVATE LIMITED	Managing director	01-11-75	01-11-75	-	Active	NO
3	U29141WB1993PTC058694	IPSEN TECHNOLOGIES PRIVATE LIMITED	Director	29-04-93	29-04-93	23-03-09	Active	NO
4	U29130WB1994PTC063200	WESMAN DEPENDABLE REDFORD CARVER FOUNDRY PRODUCTS PRIVATE LIMITED	Director	12-05-94	12-05-94	-	Strike off	NO
5	U27209WB1998PTC086393	WESMAN SIMPSON TECHNOLOGIES PRIVATE LIMITED	Director	22-01-98	22-01-98	-	Active	NO
6	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Director	19-03-98	19-03-98	-	Active	NO
7	U45203WB2007PTC113500	WESMAN CERATECH PRIVATE LIMITED	Director	19-02-07	19-02-07	-	Active	NO
8	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Director	11-11-08	11-11-08	-	Active	NO

Name :

Mrs. Sunita Rajan Vaswani

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.12.1960

Date of Appointment :

24.05.2004

Din No.:

01515993

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	U29292WB1951PTC019898	WESMAN ENG. CO PRIVATE LIMITED	Director	15-02-86	15-02-86	01-05-10	Active	NO
2	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Director	24-05-04	24-05-04	01-05-10	Active	NO

Name :

Mrs. Monica Vaswani

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

30.09.1952

Date of Appointment :

01.10.1982

Din No.:

01516045

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	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Director	01-10-82	01-10-82	01-05-10	Active	NO
2	U29292WB1951PTC019898	WESMAN ENG. COMPANY PRIVATE LIMITED	Director	15-02-86	15-02-86	01-05-10	Active	NO

Name :

Mr. Anil Vaswani

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

25.08.1974

Date of Appointment :

28.09.2006

Din No.:

01672158

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	U29292WB1951PTC019898	WESMAN ENG. COMPANY PRIVATE LIMITED	Director	26-09-06	26-09-06	Active	NO
2	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Director	28-09-06	28-09-06	Active	NO
3	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Director	26-08-08	27-11-07	Active	NO
4	U45203WB2007PTC113500	WESMAN CERATECH PRIVATE LIMITED	Director	26-09-08	26-08-08	Active	NO
5	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Nominee director	24-09-09	16-02-09	Active	NO

Name :

Mr. Nikhil Vaswani

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

05.02.1979

Date of Appointment :

27.08.2008

Din No.:

02277348

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	U45203WB2007PTC113500	WESMAN CERATECH PRIVATE LIMITED	Director	26-09-08	26-08-08	Active	NO
2	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Director	27-09-08	27-08-08	Active	NO
3	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Nominee director	24-09-09	16-02-09	Active	NO
4	U29292WB1951PTC019898	WESMAN ENG. COMPANY PRIVATE LIMITED	Director	30-09-10	30-03-10	Active	NO

Name :

Mr. Arjan Vaswani

Designation :

Director

Address :

1180, Bowerr Hill Road, PH – 12 A, USA, Pittsburgh – PA 15243

Date of Birth/Age :

15.02.1925

Date of Appointment :

27.09.1991

Din No.:

02337211

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	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PRIVATE LIMITED	Director	27-09-91	27-09-91	01-05-10	Active	NO
2	U29292WB1951PTC019898	WESMAN ENG. COMPANY PRIVATE LIMITED	Director	27-09-91	27-09-91	01-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Rajan Vaswani	3500	--
Tony Arjan Vaswani	3500	--
The North American Manufacturing Company Limited, USA	7000	--
Rajan Vaswani	--	2700
Arjan Vaswani	--	4800
Tony Vaswani	--	2700
Sunita Vaswani	--	3000
Anil Vaswani	--	650
Sunil Vaswani	--	600
Shan Vaswani	--	600
Monica Vaswani	--	3000
Donna Vaswani	--	300
Nikhil Vaswani	--	1250
Tanya Vaswani	--	300
The Wesman Engineering Company Private Limited, India	--	100
Total	14000	20000

AS ON 30.09.2009

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	24.00
Bodies corporate	0.50
Directors or relatives of directors	75.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures and Exporter of Industrial Furnaces, Foundry Machinery, Oil/Gas Burners, Control Valves, Industrial Fans and Blowers.

Products :

Products Description	Item Code no.
Burner	8416.1
Blower	8414.4
Valves	8481.8

Exports :

Products :

Foundry Machinery and Oil/Gas Burners

Countries :

§ Middle East Countries

§ European Countries

Imports :

Products :

Raw Material and Finished Goods

Countries :

§ China

§ Japan

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Others

No. of Employees :

100 [Approximately]

Bankers :

• Standard Chartered Bank, 10, N S Road, Kolkata – 700001, West Bengal, India
• HDFC Bank, West Bengal

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in Millions)
ICICI Bank Limited (Assets Loan)	0.725	1.805
Bank Overdraft	0.000	3.363
Total	0.725	5.168

Banking Relations :

--

Auditors :

Name :

B. M. Chatrath and Company

Chartered Accountant

Address :

21, Hemanta Basu Sarani, 4^th Floor, Centre Point, Room No.440, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22484575/ 4667/ 6810/ 6798/ 22101385

Fax No.:

91-33-22489934

Email :

bmccal@dataone.in

bmccal@vsnl.net

Website :

http://www.bmchatrath.net

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions
20000	Redeemable Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 Millions
18000	Equity Shares	Rs.100/- each	Rs.1.800 Millions
14000	Redeemable Preference Shares	Rs.100/- each	Rs.1.400 Millions
	Total		Rs.3.400 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		3.400	3.400	3.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		224.971	216.117	89.975
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		228.371	219.517	93.375
LOAN FUNDS
1] Secured Loans		0.725	5.168	4.392
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.725	5.168	4.392
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		229.096	224.685	97.767
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.935	19.982	18.504
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		80.641	109.657	15.922
DEFERREX TAX ASSETS		0.309	0.150	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.254	21.555	21.071
	Sundry Debtors	69.389	64.726	56.782
	Cash & Bank Balances	15.235	5.255	16.530
	Other Current Assets	0.322	0.051	0.057
	Loans & Advances	140.648	122.680	62.494
Total Current Assets		247.848	214.267	156.934
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.152	38.941	42.976
	Others Current Liabilities	3.233	3.001	2.337
	Provisions	75.252	77.429	48.315
Total Current Liabilities		123.637	119.371	93.628
Net Current Assets		124.211	94.896	63.306
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		229.096	224.685	97.767

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	280.531	445.127	267.879
		Other Income
		TOTAL	280.531	445.127	267.879
Less	EXPENSES
		Office Expenses
		Administrative Expenses	252.209	256.709	226.264
		Advertising Expenses
		Financial Expenses
		TOTAL	252.209	256.709	226.264
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		28.322	188.418	41.615
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.322	188.418	41.615
Less/ Add	DEPRECIATION/ AMORTISATION		4.045	3.890	3.245
	PROFIT BEFORE TAX		24.277	184.528	38.370
Less	TAX		6.341	46.616	12.757
	PROFIT AFTER TAX		17.936	137.912	25.613
	Earnings Per Share (Rs.)		897	--	--

Particulars	31.03.2011
Sales Turnover [Approximately]	400.000

The above information has been parted by Mr. Bharat, Mr. Anil Vaswani and Mr. Rajesh Shah.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.39	30.98	9.56
Return on Total Assets (PBT/Total Assets}	(%)	8.93	78.77	21.87
Return on Investment (ROI) (PBT/Networth)		0.11	0.84	0.41
Debt Equity Ratio (Total Liability/Networth)		0.54	0.57	1.05
Current Ratio (Current Asset/Current Liability)		2.00	1.79	1.68

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8:

Corporate identity number of the company

U74210WB1973PTC029031

Name of the company

Wesman Thermal Engineering Process Private Limited

Address of the registered office or of the principal place of business in India of the company

8, Mayfair Road, Near Punjab Bhwan, Kolkata – 700019, West Bengal, India

This form is for

Creation of charge

Type of charge

Hypothecation

Corporate Guarantee

Particular of charge holder

Standard Chartered Bank

19, N S Road, Kolkata – 700001, West Bengal, India

U99999MH1934PTC002166

Nature of instrument creating charge

Agreement of Hypothecation of Stock and Book Debts

Above document is executed by the company is favour of Standard Chartered Bank to Secure the total credit facilities of rs.20.000 Millions

Date of instrument Creating the charge

28.01.2006

Amount secured by the charge

Nature of Facility	Rs. In Millions
Fund Based – Overdraft	5.000
Non Fund Based – Bank Guarantee	15.000
Total	20.000

Brief of the principal terms an conditions and extent and operation of the charge

Terms of Overall facility granted to Wesman Thermal Engineering Processes Private Limited

Overdraft Facility of INR 5,000,000

Rate of Interests: 10.50% pa

Bank Guarantee Facility of INR 15,000,000

Comm Charge: 1.75 pa subject to a minm of INR 5,000/- for issuance

Import/ Inland LC restricted to INR 2,500,000

Comm Charges: 1.75 pa subject to a minm of INR 5,000/- for issuance

(Rate are subject to change at the discretion of the bank)

Particulars of the property charged

Stock in trade

Book Debts

Hypothecation of all stocks and Book Debts, Both present and future, relating to the company’s business.

FIXED ASSETS:

§ Air Conditioner

§ Computer

§ Furniture and Fittings

§ Generator

§ Motor Car

§ Office Equipment

§ Plant and Machinery

§ Office Premises

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.49.02
UK Pound	1	Rs.77.13
Euro	1	Rs.67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.