MIRA INFORM REPORT

Report Date :

07.08.2012

IDENTIFICATION DETAILS

Name :	THAKKARSONS ROLL FORMING PRIVATE LIMITED
Registered Office :	601-602, Siddharth Arcade, Above HSBC Bank, L T Road, Borivali (West), Mumbai – 400 092, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.01.1990
Com. Reg. No.:	11-54868
Capital Investment / Paid-up Capital :	Rs.3.480 Millions
CIN No.: [Company Identification No.]	U27107MH1990PTC054868
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08931G / MUMT03227A
PAN No.: [Permanent Account No.]	AAACT1518R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cold Roll Forming Section.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears right dip in the sales turnover and profitability during 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	601-602, Siddharth Arcade, Above HSBC Bank, L T Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Tel. No.:	91-22-28992174 / 28984630 / 28993246 / 28336391
Fax No.:	91-22-28993048 / 28980095
E-Mail :	prabhakar@metcrafindia.com netcraft@vsnl.com mkgt@metcraftindia.com kaushikt@metcraftindia.com
Head Office :	G-1, Opposite Indraprasth, Mangal Kunj, S.V. Road, Borivli – 400 092, Mumbai, Maharashtra, India
Tel. No.:	91-22-28924630 / 28991854 / 28992174
Fax No.:	91-22-28980095
Factory :	Plot No. 4 and 5, Survey No. 39/2, 39/4, 40, 41/2, Near Pai Office, Haiyali Village, Palghar, Thane
Tel. No.:	91-252-5250234 / 5523144 / 23503

DIRECTORS

As on 30.09.2011

Name :

Mr. Devang Kishore Thakkar

Designation :

Director

Address :

603 4 Marble Arc, TPS Road, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

01.09.1966

Qualification :

Diploma in Mechanical Engineering

Date of Appointment :

04.01.1990

DIN No.:

00001785

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27107MH1990PTC054868	THAKKARSONS ROLL FORMING PRIVATE LIMITED	Director	04/01/1990	04/01/1990	-	Active	NO
2	U99999MH1993PLC075333	PRE-FAB DWELLING (INDIA) LIMITED.	Director	26/11/1993	26/11/1993	-	Active	NO
3	U34300MH1994PLC081463	KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED	Director	26/09/1994	26/09/1994	-	Active	NO
4	U01100MH1996PLC101505	KLT AGRO FOODS LIMITED	Director	31/07/1996	31/07/1996	-	Active	NO
5	U99999MH1996PTC102829	THAKKARSONS METAL PROCESSORS PRIVATE LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
6	U27200MH2006PTC160417	METCRAFT ENGINEERING PRIVATE LIMITED	Managing director	09/03/2006	09/03/2006	-	Active	NO
7	U27100MH2011PTC220698	METCRAFT STEEL PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO

Name :

Mr. Jubin Kishore Thakkar

Designation :

Director

Address :

143 Vasukamal Tower, Devidas Extenion Road, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

12.09.1970

Qualification :

CA

Date of Appointment :

04.01.1990

DIN No.:

00001822

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27107MH1990PTC054868	THAKKARSONS ROLL FORMING PRIVATE LIMITED	Director	04/01/1990	04/01/1990	-	Active	NO
2	U99999MH1993PLC075333	PRE-FAB DWELLING (INDIA) LIMITED.	Director	26/11/1993	26/11/1993	-	Active	NO
3	U34300MH1994PLC081463	KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED	Whole-time director	01/04/2012	26/09/1994	-	Active	NO
4	U01100MH1996PLC101505	KLT AGRO FOODS LIMITED	Director	31/07/1996	31/07/1996	-	Active	NO
5	U99999MH1996PTC102829	THAKKARSONS METAL PROCESSORS PRIVATE LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
6	U28113MH1997PLC106347	THAKKARSONS METFORM (INDIA) LIMITED	Director	05/03/1997	05/03/1997	-	Active	NO
7	U27200MH2000PLC126598	COLOUR ROOF (INDIA) LIMITED	Managing director	01/04/2012	17/05/2000	-	Active	NO
8	U28111MH2002PTC135422	METAL ROOFING CONTRACTORS (INDIA) PRIVATE LIMITED	Director	05/04/2002	05/04/2002	-	Active	NO
9	U72900MH2000PTC129911	BORAL INFOTECH PRIVATE LIMITED	Director	22/09/2006	14/09/2006	-	Active	NO
10	U51101MH2000PTC129498	TANJORE TRADEPLACE PRIVATE LIMITED	Director	22/09/2006	14/09/2006	-	Active	NO
11	U51900MH1994PTC076742	TRIPURI TRADERS PRIVATE LIMITED	Director	22/09/2006	14/09/2006	-	Active	NO
12	U72900MH2000PTC129906	AMZEL INFOTECH PRIVATE LIMITED	Director	22/09/2006	14/09/2006	-	Active	NO
13	U51900MH2000PTC126423	SANTOOR IMPEX PRIVATE LIMITED	Director	22/09/2006	14/09/2006	-	Active	NO
14	U27310DL2006PTC155632	KLT PRE-FINISH STEELS PRIVATE LIMITED	Director	17/11/2006	17/11/2006	-	Active	NO

Name :

Mrs. Mansi Devang Thakkar

Designation :

Director

Address :

1204 Kent Tower, Factory Lane, Borivali (west), Mumbai – 400 092, Maharasjtra, India

Date of Birth/Age :

15.06.1967

Qualification :

Post Graduate

Date of Appointment :

12.01.2006

DIN No.:

01587349

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27107MH1990PTC054868	THAKKARSONS ROLL FORMING PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
2	U27200MH2006PTC160417	METCRAFT ENGINEERING PRIVATE LIMITED	Director	09/03/2006	09/03/2006	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Deepa Bajaj
Designation :	Company Secretaries
Address :	B-507, Koldongri Cooperative Housing Society, Sahar Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Mobile No.:	91-99892066741
E-Mail:	dipa.bajaj@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Devang Kisore Thakkar	10520
Jubin Kisore Thakkar	1120
Manisha Bhavin Thakkar	1200
Bhavin Kisore Thakkar	5080
Mansi Devang Thakkar	1720
Sushila Kisore Thakkar	15160
Total	34800

As on 31.03.2012

Names of Allottees	No. of Shares
Devang Kisore Thakkar	22950
Mansi Devang Thakkar	3050
Total	26000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cold Roll Forming Section.

Products :

Product Description	ITC Code
M.S. Galv. Angles, Shapes and Sections	7216.99
Cold Rolled Formed Sections	7308.90

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
M.S. Galvanised Structural Sections	MT	500	3812.37

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Lovely House, Midland Building, J N Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit from Bank (Secured by way of hypothecation of stocks and book dents and future guaranteed by the Directors)	23.344	24.254
Motor Car Loan from Bank (Secured by way of hypothecation of Motorcar purchased there against)	1.760	0.939
Total	25.104	25.193
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From directors and members	3.226	3.226
Sales tax deferred	5.568	5.568
Total	8.794	8.794

Banking Relations :	--
Auditors :
Name :	Surya Associatess Chartered Accountant
Address :	103 Deepika, Plot No. 37, Gokhale Road, Kandivali (West), Mumbai – 400 067, Maharashtra, India
PAN.:	AARFS6853Q
Enterprises over which key management personnel and their relatives are able to exercise significant influence:	· Metcraft Engineering Corporation · Metform Corporation · Metframe Corporation · Metcraft Engineering Private Limited · Colour Roof (India) Limited · KLT Automotive and Tubular Products Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60800	Equity Shares	Rs.100/- each	Rs.6.080 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34800	Equity Shares	Rs.100/- each	Rs.3.480 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		3.480	3.480	3.480
2] Share Application Money		8.445	8.445	8.445
3] Reserves & Surplus		28.327	24.484	19.282
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.252	36.409	31.207
LOAN FUNDS
1] Secured Loans		25.104	25.193	21.287
2] Unsecured Loans		8.794	8.794	9.113
TOTAL BORROWING		33.898	33.987	30.400
DEFERRED TAX LIABILITIES		0.873	1.157	1.174
TOTAL		75.023	71.553	62.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.058	14.694	11.411
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.135	3.446	2.935
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.670	28.106	20.163
	Sundry Debtors	67.526	42.502	62.805
	Cash & Bank Balances	17.969	14.998	15.342
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.996	26.160	20.746
Total Current Assets		140.161	111.766	119.056
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.969	52.186	65.506
	Other Current Liabilities	7.697	5.611	4.439
	Provisions	1.665	0.556	0.676
Total Current Liabilities		84.331	58.353	70.621
Net Current Assets		55.830	53.413	48.435
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.023	71.553	62.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	209.971	217.698	203.657
		Other Income	0.054	2.277	0.153
		TOTAL (A)	210.025	219.975	203.810
Less	EXPENSES
		Consumption of Materials	167.440	166.152	151.411
		Other Manufacturing Expenses	17.560	26.296	14.871
		Payments to and Provisions for Employees	7.284	5.872	5.641
		Other Expenses	8.793	9.409	13.697
		Directors Remuneration	2.304	2.304	1.920
		Increase/(Decrease) in Stocks	(7.440)	(5.169)	1.470
		TOTAL (B)	195.941	204.864	189.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.084	15.111	14.800
Less	FINANCIAL EXPENSES (D)		6.281	6.350	6.841
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.803	8.761	7.959
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.038	1.711	1.595
	PROFIT BEFORE TAX (E-F) (G)		5.765	7.050	6.364
Less	TAX (H)		1.922	1.848	3.258
	PROFIT AFTER TAX (G-H) (I)		3.843	5.202	3.106
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.017	7.315	5.709
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.500	1.500
	BALANCE CARRIED TO THE B/S		11.360	10.017	7.315
	Earnings Per Share (Rs.)		110.43	149.48	89.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.83	2.36	1.52
Net Profit Margin (PBT/Sales)	(%)	2.75	3.24	3.12
Return on Total Assets (PBT/Total Assets}	(%)	4.11	6.31	5.35
Return on Investment (ROI) (PBT/Networth)		0.14	0.19	0.20
Debt Equity Ratio (Total Liability/Networth)		2.94	2.54	3.24
Current Ratio (Current Asset/Current Liability)		1.66	1.92	1.69

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CONTINGENT LIABILITIES (AS ON 31.03.2011)

a) Guarantees Issued by Banks: Rs.1.180 Millions (Previous Year Rs.2.393 Millions)

b) Disputed Income tax demand of Rs.0.636 Million (Previous year Rs.NIL) is under appeal pending before the appellate authorities. The management is of the opinion that the above demand is not sustainable.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27107MH1990PTC054868
Name of the company	THAKKARSONS ROLL FORMING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	601-602, Siddharth Arcade, Above HSBC Bank, L T Road, Borivali (West), Mumbai – 400 092, Maharashtra, India Email: prabhakar@metcraftindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90240966
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Lovely House, Midland Building, J N Road, Santacruz (East), Mumbai – 400055, Maharashtra, India Email: managercb0111@canarabank.com
Nature of instrument creating charge	a. Supplemental Common Hypothecation Agreement b. Fifth Simple Mortgage Deed for Running limits
Date of instrument Creating the charge	27.03.2012
Amount secured by the charge	Rs.142.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC/ODBD - 14.75% p.a.(floating)-Base rate +4%(Present Base rate is 10.75%) ILC/BG - Commission as applicable Terms of Repayment As may be determined by the bank from time to time. Margin OCC/ODBD - 25% stock,40% BD ILC/BG - 25% Extent and Operation of the charge To secure due repayment of credit facilities aggregating Rs.142.000 Millions, together with cost, charges, interest, expenses thereof, granted by the Bank, to the Company. Others OCC/ODBD - Additional limits of Rs.22.500 Millions making total facilities of Rs.65.000 Millions (Sublimit for ODBD - Rs.35.000 Millions) ILC/BG - Additional limits of Rs.37.500 Millions making total facilities of Rs.60.000 Millions Forward Contract - Existing limits of Rs.17.000 Millions -------------------------------------------------------------------------------------------------------- Total facilities -Rs.142.000 Millions (CDB of Rs.2.500 Millions and FDB of Rs.2.500 Millions have been paid off)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Prime Security- Hypothecation of stock and book debts Rs.107.196 Millions as per ABS 31/3/11 Plant and Machinery, Equipments, etc Collateral - Land, Building and other fixed assets of the company situated at sub plots 4 and5, Survey no.39/2,4,40 and 41/2 Aiyali Village, TalPalghar, Dist.Thane (Value Rs.34.366 Millions valuation13.1.12 Immoveable property being survey no.510 (part) adm,40 R situated at village Chinchghar, Tal.Wada, standing in the name of M/s.Thakkarsons Metal Processors(Value 8.376 Millions per valuation dt.13.1.12) Immoveable property being Gat/Survey no.207(part)admn.50 R situated at village Chonsai, Tal.Wada, Dist.Thane standing in the name of M/s.Metcraft Engineering Corporation(Value Rs.6.000 Millions) Pledge of KDR of Face Value Rs.1.500 Millions (presently valued at Rs.2.235 Millions) Personal Guarantee of Devang Thakkar, Jubin K.Thakkar, and Mansi D.Thakkar Corporate Guarantee of M/s.Thakkarsons Metal Processors and M/s.Metcraft Engg.Corpn.NW Rs.37.095 Millions as per ABS 31/3/10
Date of instrument modifying the charge	31.07.2011
Particulars of the present modification	By the present modification, the charge shall hold good to secure additional facilities of Rs.45.000 Millions. Hence the aggregate facilities secured by the charge have been enhanced to Rs.142.000 Millions (being OCC/ODBD - Rs.65.000 Millions (additional limits of Rs.22.500 Millions) (Sublimit for ODBD - Rs.35.000 Millions), ILC/BG - Rs.60.000 Millions (additional limits of Rs.37.500 Millions), and Forward Contract of Rs.17.000 Millions.) (CDB Rs.2.500 Millions and FDB Rs.2.500 Millions have been paid off) Hence the overall charge stands modified to Rs.142.000 Millions

Fixed Assets

· Land and Site Development

· Buildings

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Vehicles

· Office and Other Equipments

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.55.47
UK Pound	1	Rs.86.60
Euro	1	Rs.68.66

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		44

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.