MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED
Registered Office :	11^th KM Stone, Delhi Road, Hisar – 125 044, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.04.1985
Com. Reg. No.:	05-020743
Capital Investment / Paid-up Capital :	Rs.3.490 Millions
CIN No.: [Company Identification No.]	U27109HR1985PTC020743
TAN No.: [Tax Deduction & Collection Account No.]	RTKR02367B
PAN No.: [Permanent Account No.]	AAACR7624N
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufactures and Exporters of Mild Steel Galvanized Pipes and Tubes.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 227000
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 :	Mr. Vikas
Designation :	Account Department
Contact No.:	91-1662-220089
Date :	16.04.2012

LOCATIONS

Registered Office :	11^th KM Stone, Delhi Road, Hisar – 125 044, Haryana, India
Tel. No.:	91-1662-220089/ 90/ 91
Mobile No.:	91-9215393001 (Mr. Ankit Agarwal)
Fax No.:	91-1662-220091/ 220088
E-Mail :	rsthisar@gmail.com rajeshgargcs2002@yahoo.com ankitrawalwasia@gmail.com info@gipipe.com
Website :	www.gipipe.com
Area :	200,000 Sq. ft.
Location :	Owned
Branch Office :	1/ 5B, Second Floor , Asaf Ali Road , New Delhi - 110 002 , India
Tel. No.:	91-11-23239236 / 23230635
Fax No.:	91-11-23239087

DIRECTORS

As on 12.08.2011

Name :

Mr. Ramesh Kumar Agarwal

Designation :

Director

Address :

Ramesh Bhavan , Madil Road , Hisar - 125 001, Haryana, India

Date of Birth/Age :

01.11.1952

Date of Appointment :

22.04.1985

DIN No.:

00050178

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	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	Active	NO
2	U27109HR1994PTC032463	HISAR FOILS PRIVATE LIMITED	Director	26/06/2010	1/4/2005	Active	NO
3	U23109DL2011PTC216859	GENEX COKE PRIVATE LIMITED	Director	1/4/2011	1/4/2011	Active	NO

Name :

Mr. Pawan Kumar Agarwal

Designation :

Director

Address :

Prem Bhavan, Mandil Road, Hisar - 125 001, Haryana, India

Date of Birth/Age :

17.04.1957

Date of Appointment :

22.04.1985

DIN No.:

00050032

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	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	-	Active	NO
2	U11202HR1985PTC020799	RAWALWASIA OIL INDUSTRIES PRIVATE LIMITED	Director	26/04/1985	26/04/1985	-	Active	NO
3	U67120HR2000PLC034477	MAGO SECURITIES LIMITED	Director	27/04/2000	27/04/2000	-	Active	NO
4	U63040HR2004PTC035571	MAGO TRAVELS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
5	L65910DL1984PLC018730	TWINKLE LEASING AND FINANCE DELHI LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
6	U74899DL1985PTC020122	RAJSHREE INFRATECH PRIVATE LIMITED	Additional director	19/04/2010	19/04/2010	1/12/2011	Active	NO

Name :

Mr. Prem Kumar Agrwal

Designation :

Director

Address :

Prem Bhavan , Mandi Road , Hisar - 125 001 ,Haryana, India

Date of Birth/Age :

01.05.1955

Date of Appointment :

22.04.1985

DIN No.:

00049971

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	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	Active	NO
2	U74120WB1994PLC061906	HOOGHLY WAREHOUSE INFRA LIMITED	Director	21/02/1994	21/02/1994	Active	NO
3	U51109WB1997PTC083675	AVINASH MARKETING PRIVATE LIMITED	Director	1/7/1997	1/7/1997	Active	NO
4	U27104WB1997PLC085837	HOOGHLY METALS LIMITED	Director	6/11/1997	6/11/1997	Active	NO
5	U70109WB1995PTC072989	ASIAN HOUSING AND INFRASTRUCTURE PRIVATE LIMITED	Director	1/1/2001	1/1/2001	Active	NO
6	U51109WB1992PTC056171	BENGAL ENTERPRISES PVT LTD	Director	14/02/2005	14/02/2005	Active	NO
7	U27106WB2004PTC099838	HOOGHLY ALLOY & STEELS CO. PRIVATE LIMITED	Director	14/03/2005	14/03/2005	Active	NO
8	U70101WB2005PTC106035	HAPPY VALLEY REALTORS PRIVATE LIMITED	Director	31/10/2005	31/10/2005	Active	NO
9	U45203WB2007PTC117690	HOOGHLY DEVELOPERS PRIVATE LIMITED	Director	7/8/2007	7/8/2007	Active	NO
10	U51909WB2005PTC101239	PENGUIN VYAPAAR PRIVATE LIMITED	Director	10/9/2009	10/9/2009	Active	NO
11	U70101WB2007PTC118610	VISHAL PROMOTORS PRIVATE LIMITED	Director	15/09/2009	15/09/2009	Active	NO

Name :

Mrs. Kusum Agarwal

Designation :

Director

Address :

Ramesh Bhavan , Mandi Road , Hisar – 125 001, Haryana, India

Date of Birth/Age :

16.07.1955

Date of Appointment :

22.04.1985

DIN No.:

00050171

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	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	Active	NO
2	U27109HR1994PTC032463	HISAR FOILS PRIVATE LIMITED	Director	26/06/2010	30/09/2005	Active	NO
3	U23109DL2011PTC216859	GENEX COKE PRIVATE LIMITED	Director	1/4/2011	1/4/2011	Active	NO

Name :

Mrs. Pushpa Agarwal

Designation :

Director

Address :

Prem Bhavan , Mandi Road , Hisar - 125 001, Haryana, India

Date of Birth/Age :

21.09.1960

Date of Appointment :

22.04.1985

DIN No.:

00103183

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	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	-	Active	NO
2	U51109WB2005PTC104280	ARMAAN VANIJYA PRIVATE LIMITED	Director	1/11/2005	1/11/2005	-	Active	NO
3	U51109WB2005PTC103044	SHREERAM VINIMAY PRIVATE LIMITED	Director	1/11/2005	1/11/2005	11/3/2011	Active	NO
4	U51909WB2005PTC101239	PENGUIN VYAPAAR PRIVATE LIMITED	Director	10/9/2009	10/9/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.08.2011

Names of Shareholders	No. of Shares
Prem Kumar Agarwal	2160
Pushpa Agrwal	270
Kusum Agrwal	750
Pawan Kumar Agrawal	100
Ramesh Kumar Agarwal	5100
Ashok Kumar Agrawal	500
Twinkle Leasing and Finance (Delhi) Limited	3150
Pista Devi Agarwal	190
Vishwanath Agrawal	1900
R.K. Agrawal and Others (HUF)	3550
Neeraj Agrawal	6300
Prateek Kumar Agrawal	250
Ashok Agrawal and Others	1600
Swati Agrwal	780
Nikita Agrawal	750
Bengal Enterprises (Private) Limited	2150
Dheeraj Agarwal	250
Ruchika Agarwal	250
Neeraj Agrawal and Family – HUF	250
Dheeraj Agarwal and Family – HUF	250
Prem Kumar Agarwal and Others – HUF	1300
Vishwanath Agrawal and Sons – HUF	1100
Ankit Kumar Agarwal	1000
Aman Agarwal	1000
TOTAL	34900

Equity Share Break up (Percentage of Total Equity)

As on 12.08.2011

Category	Percentage
Bodies corporate	15.00
Directors or relatives of Directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures and Exporters of Mild Steel Galvanized Pipes and Tubes.

Products :

· Mild Steel Galvanized Pipes

· Mild Steel Black Pipes

Item Code No. (ITC Code)	7306
Product Description	Steel Tubes/ Pipes

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity (On Single shift basis)	Actual Production
Steel Pipe/ Tubes	M.T.	25000.000	11076.285

GENERAL INFORMATION

No. of Employees :

75 (Approximately)

Bankers :

· Punjab National Bank,

Main Branch, Sirsa Road, Hisar – 125 001, Haryana, India

· HDFC Bank

· Axis Bank, SCO 177, CUE -1, Hisar -125001, Haryana, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
(Guaranteed by the Directors) Cash Credit Loans from Axis Bank Limited
Working Capital Loan	60.467	0.000
Cash Credit Loan	30.509	0.000
Packing Credit Loan (Against hypothecation of stock of finished goods raw materials, stores and spares and book debts)	3.606	0.000
Cash Credit Loan from Punjab National Bank	0.000	63.985
Total	94.582	63.985
Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Companies	0.000	4.505
From Share Holders and Directors	7.060	11.244
Total	7.060	15.749

Banking Relations :	--
Auditors :
Name :	Ashok Kumar Goyal and Company Chartered Accountants
Address :	SCF- 104 , First Floor, Green Square Market , Hisar – 125 001, Haryana, India
Tel. No.:	91-1662-284840-41
PAN.:	AAYPG9297P
Memberships :	· ISO 9001:2000 · Engineering Export Promotion Council
Related Parties :	· Synergy Waste Management Private Limited · Rawalwasia Oil Industries Private Limited · Hisar Foils Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34900	Equity Shares	Rs.100/- each	Rs.3.490 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		3.490	3.490	3.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.241	50.547	46.267
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.731	54.037	49.757
LOAN FUNDS
1] Secured Loans		94.582	63.985	90.400
2] Unsecured Loans		7.060	15.749	5.520
TOTAL BORROWING		101.642	79.734	95.920
DEFERRED TAX LIABILITIES		2.608	2.567	2.762
TOTAL		160.981	136.338	148.439
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.823	19.628	20.659
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.148	0.048	0.048
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.352	50.943	59.648
	Sundry Debtors	45.943	41.499	53.595
	Cash & Bank Balances	0.294	9.750	3.410
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.457	29.039	25.197
Total Current Assets		154.046	131.231	141.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.737	1.500	0.000
	Other Current Liabilities	9.034	10.784	11.113
	Provisions	1.265	2.285	3.005
Total Current Liabilities		11.036	14.569	14.118
Net Current Assets		143.010	116.662	127.732
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		160.981	136.338	148.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	523.107	487.748	438.808
		Profit on Trading	0.849	1.579	0.669
		Other Income	6.689	5.675	3.515
		TOTAL (A)	530.645	495.002	442.992
Less	EXPENSES
		Material, Manufacturing & Operating Expenses	488.977	457.810	399.115
		Employee’s Remuneration & Benefits	7.808	6.621	4.650
		Sales, Administration & Other Charges	19.110	15.765	19.846
		TOTAL (B)	515.895	480.196	423.611
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.750	14.806	19.381
Less	FINANCIAL EXPENSES (D)		8.987	6.586	8.340
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.763	8.220	11.041
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.804	1.787	1.727
	PROFIT BEFORE TAX (E-F) (G)		3.959	6.433	9.314
Less	TAX (H)		1.264	2.153	3.050
	PROFIT AFTER TAX (G-H) (I)		2.695	4.280	6.264
	EARNINGS IN FOREIGN CURRENCY		83.147	40.833	41.366
	Earnings Per Share (Rs.)		77.22	122.64	179.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.51	0.86	1.41
Net Profit Margin (PBT/Sales)	(%)	0.76	1.32	2.12
Return on Total Assets (PBT/Total Assets}	(%)	2.30	4.26	5.73
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.19
Debt Equity Ratio (Total Liability/Networth)		1.99	1.74	2.21
Current Ratio (Current Asset/Current Liability)		13.96	9.01	10.05

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	Yes
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%	--
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	--
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

WORKING RESULTS

The Turnover of the company during the year has increased to Rs.523.100 millions as compared to 495.000 millions in previous year. The Profit before tax has increased to Rs.3.958 millions as compared to Rs.6.433 millions.

FORM 8

Corporate identity number of the company	U27109HR1985PTC020743
Name of the company	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	11^th KM Stone, Delhi Road, Hisar – 125 044, Haryana, India Email : rajeshgargcs2002@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10259644
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Axis Bank, SCO 177, CUE -1, Hisar -125001, Haryana, India Email: mohit.goyal@axisbank.com
Nature of instrument creating charge	Supplemental Deed of hypothecation. Memorandum of Entry(Extension of Equitable Mortgage)
Date of instrument Creating the charge	13.01.2012
Amount secured by the charge	Rs.107.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For CC limit=Interest 12.75% p.a. i.e. Base Rate + 2.75% at monthly interval. Terms of Repayment As per agreement. Cash Credit limit. Margin 25% on Stocks. 25 % on Book debts. Extent and Operation of the charge Revised limit as under:- Cash Credit (Stock and BD)=Rs100.000 millions WCDL(Sub limit within CC)Rs.55.000 millions FCDL (Sub Limit within CC Limit)Rs.60.000 millions EPC (Sub Limit within CC)Rs.Nil EPC/FBP/FBD/PCFC (Sub limit within CC)Rs.50.000 millions LER (Sub limit within CC)Rs.2.500 millions Letter of Credit(Inland/foreign)=Rs.2.000 millions Bank Guarantee=Rs.5.000 millions Total fund and Non fund based limit Rs.107.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hypothecation on entire current assets(both present and future) Hypothecation of present and future movable fixed assets except vehicles financed by other bank/FI of the company. Extension of Equitable Mortgage of Immoveable Property situated at Village Satrod Kalan,Tehsil and District Hisar detailed as:- 16-K-0M comprised in Khewat no.674/650 Khatuni No.863 and Khasra No.60//10/2/1 (2-4)10/2/2(0-5)11/1(0-12)11/2(7-8)12/(5-11) 7K-08M comprised in khewat No.254/246 Khatuni No.351 and Khasra No.60//20/1(7-8) 8k-12M comprised in Khewat No.208/201 Khatuni No.295 and Khasra no.60//19(8-0) 20/2(0-12) Admeasuring 32K 0M situated at village Satrod kalan Tehsil and District Hisar in the name of Rawalwasia Ispat Udyog Private Limited ,Hissar.
Date of instrument modifying the charge	24.02.2011
Particulars of the present modification	Revised limit as under:- Cash Credit (Stock and BD)=Rs100.000 millions WCDL(Sub limit within CC)Rs.55.000 millions FCDL (Sub Limit within CC Limit)Rs.60.000 millions EPC (Sub Limit within CC)Rs.Nil EPC/FBP/FBD/PCFC (Sub limit within CC)Rs.50.000 millions LER (Sub limit within CC)Rs.2.500 millions Letter of Credit(Inland/foreign)=Rs.2.000 millions Bank Guarantee=Rs.5.000 millions Total fund and Non fund based limit Rs.107.000 millions

FIXED ASSETS

· Land at Hisar

· Land at Nangloi

· Factory Shed and Building

· Office Building

· Labour Quarters

· Plant and Machinery

· Effluent Treatment Plant

· Transformer

· Weighing Scales

· Generators

· Furniture and Fixtures

· Office Equipments

· Trucks

· Jeep

· Other Vehicles

· 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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	MYI

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	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.