MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	DUPLEX INDUSTRIES LIMITED (W.E.F. 28.06.2011)
Formerly known:	DUPLEX WIRES PRIVATE LIMITED
Registered Office :	CTS No. 712/a, S. No. 140, Flat No. 2, Prachi Residency Bhelkenagar Kothrud, Pune – 411038, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.09.1990
Com. Reg. No.:	11-58307
Capital Investment / Paid-up Capital :	Rs. 86.219 millions
CIN No.: [Company Identification No.]	U31300MH1990PTC058307
TAN No.: [Tax Deduction & Collection Account No.]	PNED00954C PNED01623G
PAN No.: [Permanent Account No.]	AAACD6322M
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer of Wires for Electronics Parts, etc.
No of Employees:	50 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Regular
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 regular 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.

INFORMATION PARTED BY

Name :	Mr. Vishwas
Designation :	Company Secretary
Contact No.:	91-9860271113
Date:	27.09.2011

LOCATIONS

Registered Office :	CTS No. 712/a, S. No. 140, Flat No. 2, Prachi Residency Bhelkenagar Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-24393244 / 25440156
Mobile No.:	91-9860271113 (Mr. Vishwas)
Fax No.:	91-20-243913571 / 25382561 / 62
E-Mail :	nvgopal@vsnl.com csadityak@gmail.com ishwar@duplexwires.com duplexwires@vsnl.net info@duplexindustries.com
Website:	www.duplexindustries.com
Area :	1800 sq. ft.
Location :	Owned
Head Office :	101, Prachi Residency, Bhelke Nagar, Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25201336 / 25382561/ 62
Fax No.:	91-20-25231263
E-Mail :	almighty@vsnl.com info@duplexwires.com
Administrative Office :	Flat No. 2, Prachi Residency, Bhelkenagar, Kothrud, Pune – 411029, Maharashtra
Area :	1000 sq. ft.
Location :	Owned
Factory :	A-3, MIDC, Kurkumbh, Taluka Daund, District Pune – 413802, Maharashtra, India
Tel. No.:	91-2117-235271 / 235471 / 91-20-24393244 / 91-20-24391357
Fax No.:	91-2117-235471
E-Mail :	duplexwires@vsnl.net
Area :	2000 sq. mt. [Leased]
Branches :	Village Ambota Dhaggar Kasuali Road, Near Sector 4 District Solan Himachal Pradesh 173220
Tel. No.:	91-1729-235485
Fax No.:	91-1792-235485
Area :	2300 sq. ft.
Location :	Rented

DIRECTORS

As on 02.06.2010

Name :	Mr. Anand Vishnu Satpute
Designation :	Chairman
Address :	Plot No – 74, Lane No – 3, Natraj Co-operative Housing Society, Karve Nagar, Pune – 411014, Maharashtra, India
PAN No.:	AFHPS4749G
Date of Birth/Age :	03.12.1936
Qualification :	Bsc, D.E. Chemistry
Date of Appointment :	26.09.1990
Name :	Mr. Anil Anand Satpute
Designation :	Managing Director
Address :	Plot No – 74, Lane No – 3, Natraj Co-operative Housing Society, Karve Nagar, Pune – 411014, Maharashtra, India
PAN No.:	ACEPS8365E
Date of Birth/Age :	08.02.1971
Qualification :	B.E. [Mech] MBA-Marketing
Date of Appointment :	01.01.1992
Name :	Mr. M R Gupta
Designation :	Director
Name :	Mr. Sashikant Aute
Designation :	Director

KEY EXECUTIVE

Name :	Mr. Ishwar Gurlhosur
Designation :	Factory Manager
Qualification :	B. E. [Met]
Experience :	20 Years
Name :	Mr. Gaurissh Lagu
Designation :	Finance Manager
Name :	Mr. Suhas Salekar
Designation :	Factory Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

[AS ON 02.06.2010]

Names of Shareholders	No. of Shares
Anand Vishnu Satpute	1681400
Anil Anand Satpute	5098037
Kanchan Anil Satpute	1842500
Total	8621937

EQUITY SHARE BREAKUP [AS ON 31.09.2010]

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wires for Electronics Parts, etc.

Products :

• Bare Copper Wires
• Plated wires
• Enamelled Copper Wires
• Paper Cover Wires and strips
• Bunched Copper Wires
• Copper strips and Bus Bars

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
7408	Copper Wire

Exports :

Products :

Wires

Countries :

Singapore, UK, European Countries

Imports :

Products :

Copper Rode

Countries :

Malaysia and Russia

Terms :

Selling :

Credit (30 Days)

Purchasing :

L/C, Credit (90 Days)

PRODUCTION STATUS (As on 31.03.2010):-

Particulars	Unit	Installed Capacity	Utilized Capacity	Actual Production
Bare Copper Wire / Tinned Copper / Enameled copper Wire	M.T. P.A.	12800	8450	8450340

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

• Associate Flexiweld Private Limited
• Anurena Tristar Noida
• Alphatron Ele. Private Limited
• Captain Industries
• CTR Manufacturing Company Limited
• Epcos India Private Limited
• G. K. Wire Industries
• Friends Enterprises
• Himachal Winding Works
• Khaitan Ele. Private Limited
• KNG Wires and Cables
• Manmohan Metal Corporation
• Nainko Exim Limited
• National India Refinery
• Pushman Ele. Private Limited
• P & D Conductors
• Sanyo BPL Limited
• Spankar Metal
• Vagrecha Enterprises
• WCC Resources International

No. of Employees :

50 Approximately

Bankers :

• State Bank of India

1548A, Commercial Branch, Tilak Road, Pune – 411030, Maharashtra, India

• The Shamrao Vitthal Co-operative Bank Limited

Deccan Gymkhana, Branch Nandita, Jungli Maharaj Road, Pune – 411004, Maharashtra, India

• Janata Sahakari Bank Limited, Bajirao Road Branch, Pune – 411002, Maharashtra, India

Facilities :

Secured Loan

Rs in millions

Particulars	31.03.2010	31.03.2009
Cash Credit :
Janata Sahakari Bank Limited	70.859	35.776
Nagpur Nagrik Sahakari Bank Limited	0.000	35.028
Shamrao Vithal Co-op Bank Limited	0.000	111.353
State Bank of India (Consortium facility secured by hypothecation of stock, debtors and machinery mortgage of factory at Kurkumbh, mortgage of personal real estate assets of Directors and further secured by personal guarantee of directors)	260.026	0.000
Term Loan :
Janata Sahakari Bank Limited (secured by hypothecation of Plant and Machinery)	0.000	14.123
Vehicle Loans: (Secured by hypothecation of Car)	3.612	4.239
Total	334.497	200.519

Unsecured Loan

Rs. in millions

Particulars	31.03.2010	31.03.2009
Loans from Shareholders and Others	6.541	10.405
Loan from Banks and Inter-Corporate Deposits	4.397	47.387
Sales Tax Deferral Scheme of Maharashtra Government	6.346	5.433
Total	17.284	63.225

Banking Relations :

--

Auditors :

Name :

Kishor B. Phadke and Company

Chartered Accountants

Address:

Flat No. 402, ‘’Surad’ Apartments, Opp. Karnataka High School [Old], Off Dr. Ketkar Road, Erandwane, Pune – 411004, Maharashtra, India

Tel No. :

91-20-25421860 / 25421862

Mobile No. :

91-9822010116

E-Mail :

phadke@eth.net

k_phadke@vsnl.net

Associates/Subsidiaries :

GALVANO TECHNIQUES

Address : S. No. 10/1/b, Kaluram Ghule Farm, Nanded, Pune – 411041, Maharashtra, India

Activities : Electroplating

Bankers : Saraswat Bank

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8621937	Equity Shares (Out of above shares 876837 are issued for consideration other than cash.)	Rs. 10/- each	Rs. 86.219 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		86.219	69.326	23.351
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		268.053	124.404	37.832
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		354.272	193.730	61.183
LOAN FUNDS
1] Secured Loans		334.497	200.519	89.931
2] Unsecured Loans		17.284	63.225	75.480
TOTAL BORROWING		351.781	263.744	165.411
DEFERRED TAX LIABILITIES		9.205	0.143	0.485
TOTAL		715.258	457.617	227.079
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.283	29.484	26.774
Capital work-in-progress		2.938	0.000	0.000
INVESTMENT		2.010	1.711	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.705
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.564	123.868	133.689
	Sundry Debtors	686.618	775.425	454.988
	Cash & Bank Balances	5.136	7.556	2.306
	Other Current Assets	85.325	81.103	133.240
	Loans & Advances	165.711	0.000	0.000
Total Current Assets		1118.354	987.952	724.223
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	293.124	407.636	202.339
	Current Liabilities	137.298	122.514	311.502
	Provisions	31.905	31.380	10.782
Total Current Liabilities		462.327	561.530	524.623
Net Current Assets		656.027	426.422	199.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		715.258	457.617	227.079

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3058.225	2392.104	1020.773
		Other Income	7.041	0.507	1.658
		TOTAL (A)	3065.266	2392.611	1022.431
Less	EXPENSES
		Raw Material Consumed	2755.664	2141.800	924.247
		Manufacturing Expenses	19.914	38.983	10.973
		Employee Expenses	7.230	6.311	4.018
		Selling and Distribution Expenses	13.746	15.174	5.264
		Administrative Expenses	63.141	30.201	20.172
		Increase/ Decrease in Stock	0.929	[4.264]	0.459
		TOTAL (B)	2860.624	2228.205	965.133
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		204.642	164.406	57.298
Less	FINANCIAL EXPENSES (D)		64.741	52.118	11.079
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.901	112.288	46.219
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.052	4.844	3.261
	PROFIT BEFORE TAX (E-F) (G)		122.849	107.444	42.958
Less	TAX (H)		29.2560	20.872	7.500
	PROFIT AFTER TAX (G-H) (I)		93.593	86.572	35.458
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	846.459	819.605	326.400
	TOTAL EARNINGS		846.459	819.605	326.400
	IMPORTS
		Raw Materials	408.513	1564.479	708.519
	TOTAL IMPORTS		408.513	1564.479	708.519
	Basic and Diluted Earnings Per Share (Rs.)		13.50	32.25	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.05	3.62	4.20
Net Profit Margin (PBT/Sales)	(%)	4.02	4.49	4.21
Return on Total Assets (PBT/Total Assets}	(%)	10.48	10.56	5.72
Return on Investment (ROI) (PBT/Networth)		0.35	0.55	0.70
Debt Equity Ratio (Total Liability/Networth)		2.30	4.26	11.28
Current Ratio (Current Asset/Current Liability)		2.42	1.76	1.38

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	293.124	407.636	202.339

Trade Reference

• Devu International
• Synergy Industries Services
• M S S , United Kingdom
• Cables Solutions, Sri Lanka

CONTINGENT LIABILITIES (RS. IN MILLIONS)

Particulars	31.03.2010	31.03.2009
Guarantees Outstanding in respect of Customers Dept. (Note 1)	50.950	507.384
Letter of Credit (Note 2)	242.231	Nil
Bills Discounted (Note 3)	24.147	62.022
Total	317.328	569.406

Note 1:

The company imports raw materials by using “advance License” issued by customs departments the said “Advance License” is received after extending corporate guarantee in favor of the customers department. The cumulative amount of live guarantee bonds (Equivalent of duty amount) as on 31.03.2010 is Rs.50.950 Millions. As the company will be exporting manufactured items within the permitted span of time, the said liability is a contingent in nature and hence disclosed accordingly.

Note 2:

The above mentioned contingent liability related to 90 days import usance LC as on balancer sheet date the above mentioned amount represent outstanding LC’s drawn in the favor of suppliers against the goods supplied, The amount will get crystallized as loans as and when the LC is matured.

Note 3:

The company has availed factoring facility from global trade finance (GTF), as on balance sheet date bills discounted with GTF are amounting to Rs.24.147 Millions.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10182400
Corporate identity number of the company	U31300MH1990PTC058307
Name of the company	DUPLEX WIRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No-74 Lane No-3 Natraj Co-operative Housing, Karve Nagar, Pune – 411 052, Maharashtra, India E-Mail: csadityak@gmail.com
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, 1548A, Commercial Branch, Tilak Road, Pune – 411030, Maharashtra, India E-Mail: sbi045108@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Mortgage (Simple Mortgage).
Date of instrument Creating the charge	07.09.2010
Amount secured by the charge	Rs.1000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per the Agreement with the Bankers Terms of Repayment: As per the Agreement with Bankers Margin: As per Agreement with Bankers Extent and Operation of the charge: First Charge on Hypothecated Assets viz. All Current Assets of the Company, between State Bank of India, DBL and Yes Bank on Pari Passu basis and 1st Charge for DCC along with TL lenders and 2nd Charge for other WC facilities on pari passu basis between State Bank of India, DBL and Yes Bank on immovable property situate at A-3, MIDC Kurkumbh, Village Kurkumbh, Daund and The Charge will continue till full repayment of Loan. Only State Bank of India (Lead Banker), DBL and Yes Bank constitute the Consortium Finance of Rs.1000.000 millions. Others: Type of Facilities: {CC [State Bank of India 300.000 millions, DBL 50.000 millions, Yes Bank 50.000 millions], Bill Purchased/Discounting (sub limit of CC) [State Bank of India (150.000 millions), DBL (50.000 millions), Yes Bank (50.000 millions)], Import/Inland LC [State Bank of India 250.000 millions, DBL 150.000 millions, Yes Bank 100.000 millions], One time Import LC (Sub Limit of LC) [State Bank of India (50.000 millions), DBL (50.000 millions)], Guarantee Limit [State Bank of India 50.000 millions], SLOC [State Bank of India 30.000 millions], Forward Cover Facility [State Bank of India 20.000 millions] Total Working Capital Facility of Rs.1000.000 millions [State Bank of India 650.000 millions + DBL 200.000 millions + Yes Bank 150.000 millions]. State Bank of India Designated and Recognised as Lead Banker.
Short particulars of the property charged	First Charge on Pari Passu basis by way of hypothecation on the whole of the Current Assets viz. Stock of Raw Materials, Stock in Process, Semi Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable and Book-Debts and all other movables of the Borrower including Plant and Machinery, both present and future whether now lying loose or cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance be brought into factories, godowns situated at Kurkumbh, Village Dangyar Parwanu, Rampur Mundana and Village Nariyal Purwanu and elsewhere the same may be. 1st Charge for DCC along with Term Loan Lenders and 2nd Charge for all WC facility on pari passu basis between SBI, DBL and Yes Bank on 1. All that piece and parcel of property of Companybearing Plot No. A-3 adm 4050 Sq Mtrs in Kurkumbh Industrial Area situated at village kurkumbh, Taluka Daund and 1st Charge for DCC along with Term Loan Lenders on pari passu basis between SBI, DBL and Yes Bank on 2. All that piece and parcel of prop of Mr. Anand Satpute, bearing Flat No 3 adm 71.56 Sq Mtrs. 3. Prop of Mr. Anil Satpute -Flat No 4 adm 78 Sq Mtrs, both Prop at No. 2 and 3 are situate at S No 117 Warje, Haveli Pune. 4 and 5. All that piece and parcel of property of Mrs. Kanchan Satpute and Anil Satpute, bearing Shop No 09 adm 181.13 Sq Ft and Loft adm 5.105 Sq Mtrs and Shop No 10 adm 129.87 Sq Ft and loft adm 5.324 Sq Mtrs and 6. All that piece and parcel of property of Mrs. Kanchan Satpute, bearing Flat No 202 Apt. No 6 adm 1201 Sq ft adm 111.57 Sq Mtrs together with terrace and car parking. 7. prop of Mrs. Kanchan, Mr. Anil and Anand Satpute, bearing Flat No 2, adm 98.94 sq mtrs with reserve car parking at 'Prachi Residency' Plot No 2 out of S No 140. All the immovable property
Date of latest modification prior to the present modification	23.07.2010
Particulars of the present modification	First charge for DCC along with TL lenders on pari passu basis between SBI, DBL and Yes Bank and 2nd Charge for other WC limits on pari passu basis on all immovable property of the Company by way of simple mortgage is provided viz. All that piece and parcel of property of Company bearing Plot No. A-3 adm 4050 Sq Mtrs situate at MIDC Industrial Area, Kurkumbh at Village kurkumbh, Taluka Daund Dist Pune, to secure the total Demand Cash Credit and Other WC facility of Rs.1000.000 millions.

FIXED ASSETS:-

• Building
• Computer
• Furniture and Fixture
• Office Equipments
• Plant and machinery
• Electrical Fittings
• Lab Equipments
• Land
• Printer
• Mobile
• Vehicles

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	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	No
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	--

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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		49

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.