MIRA INFORM REPORT

Report Date :

05.04.2012

IDENTIFICATION DETAILS

Name :	ROTEX AUTOMATION LIMITED
Formerly Known As :	ROTEX MANUFACTURERES AND ENGINEERS (GUJARAT) PRIVATE LIMITED
Registered Office :	987 – 11, GIDC Estate, Makarpura, Opposite Bus Depot, Vadodara – 390 010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.01.1983
Com. Reg. No.:	04-5831
Capital Investment / Paid-up Capital :	Rs.52.000 Millions
CIN No.: [Company Identification No.]	U29259GJ1983PLC005831
IEC No.:	0889009171
PAN No.: [Permanent Account No.]	AABCR0011J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Solenoid Valves, Valve Automation Systems and Pneumatic Elements.
No. of Employees :	500 (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 850000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

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

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

INFORMATION PARTED BY

Name :	Ms. Beena Vyas
Designation :	Marketing Manager
Contact No.:	97-9727766275
Date :	19.03.2012

LOCATIONS

Registered Office/Factory 1 :	987 – 11, GIDC Estate, Makarpura, Opposite Bus Depot, Vadodara – 390 010, Gujarat, India
Tel. No.:	91-265-3044120 / 3044116
Mobile No.:	91-9727766275 (Ms. Beena Vyas) 91-9727766313 (Mr. Nirav Shah)
Fax No.:	91-265-2638130
E-Mail :	rotexbrd@rotexindia.com nirav.rotex@gmail.com
Website :	www.rotexindia.com
Area :	35000 Sq. Ft.
Location :	Owned
Factory 2 :	C – 1B/ 1501, 4 and 5, GIDC, Vithal Udyognagar, District Anand – 388 121, Gujarat, India
Tel. No.:	91-2692-236224 / 236292 / 236399
Fax No.:	91-2692-236442
E-Mail :	rotexvun@rotexindia.com
Location :	Owned
Factory 3 :	Rotex Manufacturers and Engineers Private Limited Manpada Road, Dombivli (East) – 421 204, Maharashtra, India
Tel. No.:	91-251-2871033/ 2871390/ 2871196/ 2871989/ 2870663
Fax No.:	91-251-2871191
E-Mail :	rotexdbl@rotexindia.com
Location :	Owned
Sales Office :	211, New India Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-42111444/ 66952161/ 2/ 3
Fax No.:	91-22-66923783
E-Mail :	bushah@rotexindia.com sales-bby@rotexindia.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Jitendra Girdharlal Shah
Designation :	Director
Address :	“Girdhar”, Manpada, Dombivli (East), Dist.Thane, Mumbai, Maharashtra, India
Date of Birth/Age :	14.05.1933
Qualification :	B.E. (Mechanical)
Date of Appointment :	12.01.1983
DIN No.:	00266515

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	U29259GJ1983PLC005831	Rotex Automation Limited	Director	12-01-83	12-01-83	Active	NO
2	U15008MH1971PTC015008	Rotex Manufacturers and Engineers Private Limited	Director	05-03-97	05-03-97	Active	NO
3	U31909GJ2005PTC047145	Rotex Enterprise Private Limited	Director	25-11-05	25-11-05	Active	NO
4	U29190GJ2009PTC055870	Buraj Controls Private Limited	Director	09-01-09	09-01-09	Active	NO

Name :	Mr. Upendra Girdharlal Shah
Designation :	Director
Address :	11, Wild Teaset, 14^th Road, Khar, Mumbai, Maharashtra, India
Date of Birth/Age :	27.09.1945
Qualification :	B.E. (Mechanical)
Date of Appointment :	12.01.1983
DIN No.:	00266790

Other Directorship

.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	U15008MH1971PTC015008	Rotex Manufacturers and Engineers Private Limited	Whole-time director	05-03-71	05-03-71	Active	NO
2	U29259GJ1983PLC005831	Rotex Automation Limited	Director	12-01-83	12-01-83	Active	NO
3	U29190GJ2008PTC055213	Rotex Controls Private Limited	Director	08-10-08	08-10-08	Active	YES
4	U29190GJ2009PTC055870	Buraj Controls Private Limited	Director	09-01-09	09-01-09	Active	NO
5	U29120GJ2009PTC058866	Maxflow Valves Private Limited	Director	14-12-09	14-12-09	Active	NO

Name :	Mr. Rajesh J Shah
Designation :	Director
Address :	24, Nirmal Nagar, Nr. Akota Stadium, Akota, Vadodara, Gujarat, India
Date of Birth/Age :	12.06.1957
Qualification :	B.E. (Mechanical)
Experience :	27 Years
Date of Appointment :	01.02.1983
DIN No.:	00266589

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	U29259GJ1983PLC005831	Rotex Automation Limited	Managing director	01-02-83	01-02-83	-	Active	NO
2	U33130GJ2006PTC048947	Aignep Engineers Private Limited	Director	24-08-06	24-08-06	31-07-07	Active	NO
3	U29190GJ2008PTC055213	Rotex Controls Private Limited	Director	08-10-08	08-10-08	-	Active	YES
4	U29120GJ2009PTC058866	Maxflow Valves Private Limited	Director	14-12-09	14-12-09	-	Active	NO

Name :	Mr. Amit J Shah
Designation :	Director
Address :	1 “Girdhar”, Manpada, Dombivli (E), District Thane, Mumbai, Maharashtra, India
Date of Birth/Age :	19.09.1962
Qualification :	B.E. (Mechanical)
Date of Appointment :	01.02.1983
DIN No.:	00266813

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	U29259GJ1983PLC005831	Rotex Automation Limited	Director	01-02-83	01-02-83	-	Active	NO
2	U15008MH1971PTC015008	Rotex Manufacturers And Engineers Private Limited	Whole-time director	01-04-85	01-04-85	-	Active	NO
3	U31909GJ2005PTC047145	Rotex Enterprise Private Limited	Director	25-11-05	25-11-05	-	Active	NO
4	U33130GJ2006PTC048947	Aignep Engineers Private Limited	Director	24-08-06	24-08-06	10-03-08	Active	NO
5	U29198DL2009PTC187589	Rotex Engineers (North) Private Limited	Director	13-02-09	13-02-09	-	Active	NO

Name :	Ms. Manjula J Shah
Designation :	Director
Address :	“Girdhar”, Manpada, Dombivli (E), District Thane, Mumbai, Maharashtra, India
Date of Birth/Age :	11.10.1932
Date of Appointment :	12.01.1983
DIN No.:	00335395
Name :	Mr. Bhowmick U Shah
Designation :	Director
Address :	11, Wild Teaset, 14^th Road, Khar, Mumbai, Maharashtra, India
Date of Birth/Age :	10.06.1971
Qualification :	B.E. (Mechanical)
Date of Appointment :	30.09.2005
DIN No.:	00266839

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	U29259GJ1983PLC005831	Rotex Automation Limited	Director	30-09-05	30-09-05	Active	NO
2	U31909GJ2005PTC047145	Rotex Enterprise Private Limited	Director	01-04-06	01-04-06	Active	NO

Name :	Ms. Daksha R Shah
Designation :	Director
Address :	24, Nirmal Nagar, Nr. Akota Stadium, Akota, Vadodara, Gujarat, India
Date of Birth/Age :	08.07.1958
Date of Appointment :	30.09.2005
DIN No.:	00266626

KEY EXECUTIVES

Name :	Ms. Beena Vyas
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jitendra Girdharlal Shah	577000
Manjula J Shah	520000
Amit J Shah	558650
Leena A Shah	398450
Rajesh J Shah	605250
Daksha R Shah	437150
Upendra Girdharlal Shah	697500
Bhowmick U Shah	443450
Nandini U Shah	270
Akanksha A Shah	6450
Nirav R Shah	36150
Priyanka R Shah	6450
Mital A Shah	6450
Abha U Shah	392230
Sweta B Shah	462750
Jitendra Girdharlal Shah HUF	10000
Upendra Girdharlal Shah HUF	40000
Bhoomi B Shah	1800
Total	5200000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Solenoid Valves, Valve Automation Systems and Pneumatic Elements.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Solenoid Valve	8481.80
Rotary Cylinder	8479

· Angle Seated Valves

· Valve Automation systems

· Rotary Actuators

· Limit Switches

· Diaphragm Solenoid Valves

· Latch Solenoid Valves

· Low Power Solenoid Valves

· Manual Reset On – Off Solenoid valves

· Namur Solenoid Valve

· Pulse Jet Valves

· Petrol Vending Solenoid Valves

· Gas Over Oil Valves

Exports :

Products :

Automations

Countries :

· USA

· Europe

· Italy

· South Arabia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Sumit Engineering

Customers :

End Users and OEM’s

· Bharat Heavy Electrical Limited

No. of Employees :

500 (Approximately)

Bankers :

· Axis Bank – Opposite GEB Office, Nr. Pizza Hut, Race Course Circle (North), Vadodara – 390 010, Gujarat, India.

· ICICI Bank Limited, Landmark Building, Racecourse Circle, Vadodara - 390 007, Gujarat, India.

· The Royal Bank of Scotland, 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	11.615	18.455
Foreign currency loans	96.393	80.530
Working capital loans financial institution	44.112	28.769
Total	152.120	127.754
Unsecured Loan
Loans directors	13.283	9.183
Public deposits	12.072	0.000
Other debts	4.737 (A)	2.937 (B)
Total	30.092	12.120

NOTE:

· Loans from Member Rs.4.737 Millions

· Loans from Member Rs.2.937 Millions

Banking Relations :	--
Auditors :
Name :	Naresh and Company Chartered Accountants
Address :	City Enclave, Nr. Baroda High Scholl, Opp. Polo Ground, Vadodara-390001, Gujarat, India
Tel. No.:	91-265-2423386/3010806/07
Fax No.:	91-265-3013386
E-Mail :	consult@nareshandco.com
Website:	www.nareshandco.com
Pan No.:	AACFM7595C
Associates/Subsidiaries :	· Rotex Manufacturers and Engineers Private Limited · Rotex Enterprises Private Limited · Rotex Controls B.V. Netherlands · Maxflow Valves Private Limited · Rotex Engineers (North) Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5200000	Equity Shares	Rs.10/- each	Rs.52.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		52.000	52.000	52.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.702	114.948	81.915
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		213.702	166.948	133.915
LOAN FUNDS
1] Secured Loans		152.120	127.754	120.630
2] Unsecured Loans		30.092	12.120	6.875
TOTAL BORROWING		182.212	139.874	127.505
DEFERRED TAX LIABILITIES		19.690	15.314	12.736
TOTAL		415.604	322.136	274.156
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		235.848	201.536	161.124
Capital work-in-progress		0.332	1.110	0.665
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.840	77.301	62.711
	Sundry Debtors	153.070	86.957	65.9854
	Cash & Bank Balances	14.365	9.054	7.024
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51.727	26.708	27.354
Total Current Assets		330.002	200.020	163.073
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	136.896	72.745	40.917
	Other Current Liabilities	5.764	2.837	3.512
	Provisions	7.918	4.948	6.327
Total Current Liabilities		150.578	80.530	50.756
Net Current Assets		179.424	119.490	112.317
MISCELLANEOUS EXPENSES		0.000	0.000	0.050
TOTAL		415.604	322.136	274.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	498.474	350.339	305.971
		Other Income	6.069	3.741	4.080
		TOTAL (A)	504.543	354.080	310.051
Less	EXPENSES
		Consumption Materials Changes Inventories	184.395	138.810
		Manufacturing Service Cost	45.301	31.226
		Contract Cost	46.627	27.548	268.680
		Employee Related Expenses	23.304	17.925
		Administrative Selling Other Expenses	103.909	65.196
		Prior Period Items	0.087	(0.361)
		TOTAL (B)	403.623	280.344	268.680
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		100.920	73.736	41.371
Less	FINANCIAL EXPENSES (D)		14.701	12.521	11.460
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.219	61.215	29.911
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.488	10.946	8.454
	PROFIT BEFORE TAX (E-F) (G)		72.731	50.269	21.457
Less	TAX (H)		25.978	18.576	9.543
	PROFIT AFTER TAX (G-H) (I)		46.753	31.693	11.914
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.773	0.240	0.209
Add	UNRECOGNIZED GRATUITY ASSETS		0.000	1.340	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve		32.500	5.800
		Dividend	47.000	0.000	5.200
		Tax on Dividend		0.000	0.883
	BALANCE CARRIED TO THE B/S		0.526	0.773	0.240
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	21.485	33.006
	IMPORTS
		Raw Materials	NA	1.394	0.762
		Capital Goods	NA	0.050	6.191
	TOTAL IMPORTS		NA	1.444	6.953
	Earnings Per Share (Rs.)		8.99	6.09	--

Expected Sales (2011-12) : Rs.600.000 Millions.

The above information has been parted by Ms. Beena Vyas.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.27	8.95	3.84
Net Profit Margin (PBT/Sales)	(%)	14.59	13.99	7.01
Return on Total Assets (PBT/Total Assets}	(%)	12.85	12.43	6.61
Return on Investment (ROI) (PBT/Networth)		0.34	0.30	0.16
Debt Equity Ratio (Total Liability/Networth)		1.55	2.04	1.33
Current Ratio (Current Asset/Current Liability)		2.19	1.57	3.21

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 two years	Yes
12) Profitability for last three years	No
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	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	--

PERFORMANCE:

During the year, company has achieved turnover of Rs.541.600 millions (including export of Rs. 35.700 millions) Further during the current year (i.e. April-2011 to Aug-2011), the company has achieved turnover of Rs.250.400 millions and having order book position is Rs.153.000 millions. The target for current year is Rs. 800.000 millions (Gross). During the year, the company has achieved export sales worth 315455.95 US$ and 343479.89 EURO. In current financial year period from April-11 to Aug-11 Company has done export sales worth of 89499.15 US$ and 207773.95 EURO.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29259GJ1983PLC005831
Name of the company	ROTEX AUTOMATION LIMITED
Address of the registered office or of the principal place of business in India of the company	987 – 11, GIDC Estate, Makarpura, Opposite Bus Depot, Vadodara – 390 010, Gujarat, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	The Royal Bank of Scotland, 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Email	reenabang@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of Movable Assets
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As agreed by and with the Bank from time to time. Extent and Operation of the charge The Royal Bank of Scotland N.V. Bank is having first & exclusive charge on the security given by the Company
Short particulars of the property charged	Hypothecation by way of first & exclusive charge on movable properties (other than current assets) of the Company

FIXED ASSETS

• Land
• Factory Shed
• Plant and Machinery
• Lift
• Plant and Machinery (Below 5000)
• Electrical Installation
• Factory Equipments (Below 5000)
• Factory Equipments
• Furniture and Fixtures (Below 5000)
• Office Equipments
• Office Equipments (Below 5000)
• Vehicle
• Computer - hardware
• Computer – Hardware (Below 5000)
• Air Conditioner
• Air Conditioner (Below 5000)
• Dies and Pattern
• Dies and Pattern (Below 5000)
• RDL Quarters

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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		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.