MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	UT PUMPS AND SYSTEMS PRIVATE LIMITED
Registered Office :	Room No. 107, 1^st Floor, Pratap Bhawan, 5, Bahadur Shah Zafar Marg, New Delhi-110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.05.1984
Com. Reg. No.:	55-18081
Capital Investment / Paid-up Capital :	544500 Euro
CIN No.: [Company Identification No.]	U29193DL1984PTC018081
TAN No.: [Tax Deduction & Collection Account No.]	DELU02230E
PAN No.: [Permanent Account No.]	AAACU3648R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of EHR Pumps, Twin Screw Pumps, Triple Screw Pumps, Cleaning Systems, Lube Oil Systems, Descaling Systems, High Pressure Pumps.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	Euro 493954
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

LOCATIONS

Registered Office :	Room No. 107, 1^st Floor, Pratap Bhawan, 5, Bahadur Shah Zafar Marg, New Delhi-110002
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	snmohta@utpsl.in
Website :	http://utpumps.tradeindia.com http://www.utpumps.com
Factory :	14/7, Mathura Road, Faridabad - 121003, Haryana, India
Tel. No.:	91-129-2274861 / 4045831 / 4046882 / 2258588/ 3099731 / 2258590 / 3299731
Fax No.:	91-129-2275877 / 2258584
Regional Office :	Located At: · Mumbai · Chennai

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Nanak Gunendra Sheth

Designation :

Director

Address :

D – 2 A/4, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

05.07.1941

Date of Appointment :

28.08.1996

Din No.:

00034057

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	U67120MH1975PTC018243	HARSHADRAY INVESTMENT PRIVATE LIMITED	Director	27-12-78	27-12-78	-	Active	NO
2	U74999MH1953PTC008985	HARSHADRAY PRIVATE LIMITED	Whole-time director	01-11-11	27-12-78	-	Active	NO
3	U27100MH1952PTC021224	DRYDEN PRIVATE LIMITED	Director	26-07-84	26-07-84	-	Active	NO
4	U74899DL1990PTC041405	REMIER ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	06-09-90	06-09-90	-	Active	NO
5	U74140MH1958PTC013544	TECNIMONT ICB PRIVATE LIMITED	Whole-time director	26-12-91	26-12-91	06-07-10	Active	NO
6	U70101DL1991PTC044419	GOLDSTAR ESTATES PRIVATE LIMITED	Director	21-04-93	21-04-93	-	Active	NO
7	U51109DL1994PTC059591	POWERPARTS AND ENERGY INDIA PRIVATE LIMITED	Director	13-06-94	13-06-94	-	Active	NO
8	U29193DL1984PTC018081	UT PUMPS AND SYSTEMS PRIVATE LIMITED	Director	28-08-96	28-08-96	-	Active	NO
9	U24110MH1970PTC014770	FARM CHEMICALS PRIVATE LIMITED	Director	04-07-97	04-07-97	-	Strike off	NO
10	U29220MH1949PTC007221	PROTOS ENGINEERING COMPANY PRIVATE LIMITED	Director	01-11-11	30-06-99	-	Active	NO
11	L28129MH1962PLC012289	KAIRA CAN COMPANY LIMITED	Director	27-04-00	27-04-00	-	Active	NO

Name :

Mr. Hari Kishan Pargal

Designation :

Director

Address :

C – 158, Defence Colony, New Delhi – 110024, India

Date of Birth/Age :

11.09.1928

Date of Appointment :

03.12.1993

Din No.:

00229495

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	U74140DL1901PTC010544	HOLTEC CONSULTING PRIVATE LIMITED	Director	24-11-92	24-11-92	Active	NO
2	U29193DL1984PTC018081	UT PUMPS AND SYSTEMS PRIVATE LIMITED	Director	03-12-93	03-12-93	Active	NO

Name :

Mrs. Sadhana Sanjay Khaitan

Designation :

Whole Time Director

Address :

114 A Central Avenue, Sainik Farm, New Delhi – 110062, India

Date of Birth/Age :

27.05.1966

Date of Appointment :

21.10.1989

Din No.:

00156903

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	U74899DL1983PTC016701	SADHANA ESTATES AND AGRICULTURE PRIVATE LIMITED	Director	12-01-89	12-01-89	Active	NO
2	U29193DL1984PTC018081	UT PUMPS AND SYSTEMS PRIVATE LIMITED	Director	21-10-89	21-10-89	Active	NO
3	U67120DL1977PTC148197	DEBIKAY INVESTMENT PRIVATE LIMITED (TRANSFERED FROM MAHARASHTRA)	Director	01-09-92	01-09-92	Active	NO
4	U51901DL1982PTC148199	SANMAN GEMS PRIVATE LIMITED (TRANSFERED FROM MAHARASHTRA)	Director	01-09-92	01-09-92	Active	NO
5	U74999DL1996PLC140659	UT AGRO PRODUCTS LIMITED	Director	22-11-05	22-11-05	Active	NO

Name :

Mr. Satya Narain Mohta

Designation :

Whole Time Director

Address :

House No 1743, Sector 7 E, Faridabad – 121006, Haryana, India

Date of Birth/Age :

25.08.1953

Date of Appointment :

17.05.2005

Din No.:

00157175

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	U74899DL1980PLC010138	USHA HYDRO DYNAMICS LIMITED	Director	04-09-03	04-09-03	Active	NO
2	U29193DL1984PTC018081	UT PUMPS AND SYSTEMS PRIVATE LIMITED	Director	17-05-05	17-05-05	Active	NO

Name :

Mr. Sanjaykumar Tej Narayan Khaitan

Designation :

Director

Address :

Kailash 114-A, Central Avenue, Sainik Farm, New Delhi – 110062, India

Date of Birth/Age :

17.12.1965

Date of Appointment :

28.08.2009

Din No.:

00156816

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	U51901DL1982PTC148199	SANMAN GEMS PRIVATE LIMITED (TRANSFERED FROM MAHARASHTRA)	Director	16-03-84	16-03-84	-	Active	NO
2	U67120DL1977PTC148197	DEBIKAY INVESTMENT PRIVATE LIMITED (TRANSFERED FROM MAHARASHTRA)	Director	23-11-84	23-11-84	-	Active	NO
3	L17124RJ1991PLC008831	VANASTHALI TEXTILE INDUSTRIES LIMITED	Director	09-05-91	09-05-91	31-07-07	Active	NO
4	L24211WB1993PLC092885	JK AGRI GENETICS LIMITED	Director	04-09-03	04-09-03	-	Active	NO
5	U36109DL2005PTC139441	S R K HOME AND STYLE PRIVATE LIMITED	Director	08-08-05	08-08-05	-	Active	NO
6	U74899DL1983PTC016701	SADHANA ESTATES AND AGRICULTURE PRIVATE LIMITED	Director	01-07-06	01-07-06	-	Active	NO
7	U29193DL1984PTC018081	UT PUMPS AND SYSTEMS PRIVATE LIMITED	Director	28-08-09	28-08-09	-	Active	NO
8	U74899DL1980PLC010138	USHA HYDRO DYNAMICS LIMITED	Director	01-04-11	01-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	No. of Shares
Sadhana Sanjaykumar Khaitan	1525000
Sanjaykumar Tej Narayan Khaitan	1815000
Lakshmi Devi Jhawar	290000
Total	3630000

AS ON 28.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of EHR Pumps, Twin Screw Pumps, Triple Screw Pumps, Cleaning Systems, Lube Oil Systems, Descaling Systems, High Pressure Pumps.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Power Driven Pumps	84131100.10
High Pressure Steam Cleaning Machines	1243000
High Pressure Water Jetting Pump	3562

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Power Driven Pumps	Nos.
Helical rotor or single screw pumps with accessories	Nos.			319
2-spindle screw pumps with accessories	Nos.			43
3-spindle screw pumps with accessories	Nos.	1000	1000	358
Positive Displacement Rotary Pumps Gear Type with Accessories	Nos.	500	500	105
High Pressure and Steamjet Cleaning Machines of Various Type and Accessories	Nos.	300	300	--
Industrial Vacuum Cleaners and Floor cleaners and Accessories	Nos.	300	300	--
Hydraulic Power Packs and Hydraulic Systems / Sub Systems and Accessories	Nos.	1000	--	--
High Pressure Water Jetting Pumps and Accessories	Nos.	150	150	98
Hydraulic Pumps, Valves and Accessories	Nos.	5000	--	--

GENERAL INFORMATION

No. of Employees :

150 [Approximately]

Bankers :

Allahabad Bank, Govind Bhawan, NIT, Near Neelam Chowk, Faridabad-121001, Haryana, India

Facilities :

Secured Loan	As on 31.03.2011 [In Euro]	As on 31.03.2010 [In Euro]
From Allahabad Bank
Cash Credit Limits	323295	286471
Term Loans [Including interest accrued and due Euro 2962 and Repayable within one year Euro 117868]	285797	139952
Total	609092	426423
NOTE: Secured by equitable mortgage by way of deposit of title deeds of factory land and building situated at 14/7, Mathura Road, Faridabad and further secured by hypothecation by way of first charge on stocks, book debts and all other assets including fixed assets of the company both present and future.
Unsecured Loan	As on 31.03.2011 [In Euro]	As on 31.03.2010 [In Euro]
Term Loan For Vehicles	31825	2939
Total	31825	2939

Banking Relations :	--
Auditors :
Name :	Gupta Gattani and Company Chartered Accountants
Address :	Room No. 107, Pratap Bhawan, 5 Bahadur Shah Zafar Marg, New Delhi – 110002, India
Tel. No.:	91-11-23753699 / 41523699
E-Mail :	gattani_jain@airtelmail.in gattani_jain@bol.net.in
Pan No.:	AAEFG1742M
Enterprises where key managerial personnel along with their relatives exercise significant influence :	· Usha Hydro Dynamica Limited · Sanman Gems Private Limited · Debikay Investment Private Limited · Sashana Estates and Agriculture Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3680000	Equity Shares	0.15 Euro Each	552000 Euro
2000	Preferences Shares	1.49 Euro Each	2980 Euro
	Total		554980 Euro

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3630000	Equity Shares	0.15 Euro Each	544500 Euro

FINANCIAL DATA

[all figures are in Euro]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		544500	184500	90000
2] Share Application Money		000	000	000
3] Reserves & Surplus		1925272	1737385	1393697
4] (Accumulated Losses)		000	000	000
NETWORTH		2469772	1921885	1483697
LOAN FUNDS
1] Secured Loans		609092	426423	343562
2] Unsecured Loans		31825	2939	4965
TOTAL BORROWING		640917	429362	348527
DEFERRED TAX LIABILITIES		000	000	000
TOTAL		3110689	2351247	1832224
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1006979	730305	492991
Capital work-in-progress		000	000	38946
INVESTMENT		139814	3114	000
DEFERREX TAX ASSETS		4164	3435	7007
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	934279	636228	683200
	Sundry Debtors	1326078	1660755	1461458
	Cash & Bank Balances	465036	132539	113056
	Other Current Assets	000	000	000
	Loans & Advances	357514	339779	274806
Total Current Assets		3082907	2769301	2532520
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	782349	772348
	Other Current Liabilities	154160	141890	970780
	Provisions	189376	246066	268910
Total Current Liabilities		1125885	1160304	1239690
Net Current Assets		1957022	1608997	1292830
MISCELLANEOUS EXPENSES		000	000	000
OTHERS		2710	5396	450
TOTAL		3110689	2351247	1832224

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3655933	4041095	4288241
		Other Income	50492	120008	76777
		TOTAL (A)	3706425	4161103	4365018
Less	EXPENSES
		Raw Material Consumed	1697179	2114583	2392101
		Job Contract Expenses	8396	22538	21896
		Manufacturing, Selling and Administrative Expenses	1523834	1397062	1282386
		TOTAL (B)	3229409	3534183	3696383
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		477016	626920	668635
Less	FINANCIAL EXPENSES (D)		63625	41615	42674
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		413391	585305	625961
Less/ Add	DEPRECIATION/ AMORTISATION (F)		132018	65098	45539
	PROFIT BEFORE TAX (E-F) (G)		281373	520207	580422
Less	TAX (H)		98457	176519	209747
	PROFIT AFTER TAX (G-H) (I)		182916	343688	370675
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1709195	1365507	994832
	BALANCE CARRIED TO THE B/S		1892111	1709195	1365507
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	72996	29339	66899
		Commission Earnings	000	80848	000
	TOTAL EARNINGS		72996	110187	66899
	IMPORTS
		Raw Materials	293793	278203	318475
		Capital Goods	253463	133664	29737
	TOTAL IMPORTS		547256	411867	348212
	Earnings Per Share (Euro)		50.39	286.41	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.94	8.26	8.49
Net Profit Margin (PBT/Sales)	(%)	7.70	12.87	13.54
Return on Total Assets (PBT/Total Assets}	(%)	6.88	14.86	19.18
Return on Investment (ROI) (PBT/Networth)		0.11	0.27	0.39
Debt Equity Ratio (Total Liability/Networth)		0.72	0.83	1.07
Current Ratio (Current Asset/Current Liability)		2.74	2.39	2.04

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

NOTE:

The registered office of the company has been shifted from “Kailash” 114-A, Central Avenue, Sainik Farm, New Delhi-110062, India to the present address w.e.f. 01.02.2011.

OPERATIONS:

In the year, the company has recorded gross turnover / income to Euro 4164850 which is 10% decreased as compared to Euro 4603761 in the previous year. The net profit before tax decrease by 46% to Euro 281373 as compared to Euro 520207 in the previous year. They has invested substantially in machinery which is expected to give results in the coming years.

The company is making continuous efforts towards selling of complete systems to suit the customer requirements and expanding its product range, increasing customer base, indigenization and cost reduction.

FUTURE PROSPECTS:

The company is taking continuous steps to upgrade its technology by giving more thrust to Research and Development.

FINANCE:

The company has not accepted any deposits from the public.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80026163
Corporate identity number of the company	U29193DL1984PTC018081
Name of the company	UT PUMPS AND SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Room No. 107, 1^st Floor, Pratap Bhawan, 5, Bahadur Shah Zafar Marg, New Delhi-110002
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property Others
Particular of charge holder	Allahabad Bank, Govind Bhawan, NIT, Near Neelam Chowk, Faridabad-121001, Haryana, India
Email	brdel_faridabad@allahabadbank.in
Nature of description of the instrument creating or modifying the charge	GLH Dated 13th May, 2011, Term Loan Agreement Dated 13th May,2011, Deed of Equitable Mortgage dated 14th May 2011
Date of instrument Creating the charge	13.05.2011
Amount secured by the charge	Euro 1074552
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For C.C. and Term Loans BR+2.50% P.A.W.M.R (presently BR is 10%) Panel interest: 2% p.a. Terms of Repayment Cash Credit: on Demand, Term Loan 1and 2: as existing. For Term Loan 3: 20 quarterly installments of Euro 11417 first installment will be due in the first quarter after six months from first disbursement plus interest as and when due. Margin Cash credit: Rs. 25% on stocks and book debts (upto 90 days), For Term Loans - 1 and 2: As existing , for TL 3: 25% and For Bank Guarantee: 20% by Cash/ FDR Extent and Operation of the charge Exclusive Hypothecation charge over entire Stocks and Book Debts and other current assets of the company both present and future, all other fixed assets of the company including those created through the Term Loan given by the bank and Equitable Mortgage of Factory land and building situated at 14/7, Mathura Road, Faridabad.
Short particulars of the property charged	Hypothecation of stocks, book debts and all other current assets both present and future. Charge on assets to be created through the term loans including other fixed assets of the company, both present and future. Equitable mortgage of factory land and building measuring 22748 sq. yds situated at 14/7 Mathura Road, Faridabad having value of Euro 4170149.
Date of latest modification prior to the present modification	29.06.2010
Particulars of the present modification	Fresh Term Loan of Euro 228358 has been granted, resulting in total credit facilities of Euro 1074552 as detailed below: Cash Credit: Euro 283582 (Including Sub limit of IBD to the tune of Euro 29850), Term Loan1: Euro 66238 (Present outstanding), Term Loan2: Euro 212791 (Present outstanding), Term Loan 3 (Fresh): Euro 228358 and Bank Guarantee: Euro 283582 (including Sublimit for Letter of credit of Euro 59701)

FIXED ASSETS

• Land – Free hold
• Buildings
• Plant and Machinery
• Electrical Installation
• Tube Well
• Furniture and Fixtures
• Office Equipments
• Motor Car

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.51.27
UK Pound	1	Rs.81.38
Euro	1	Rs.67.01

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	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.