MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	MOJJ ENGINEERING SYSTEMS LIMITED
Formerly Known As :	MOJJ ENGINEERING SYSTEMS PRIVATE LIMITED
Registered Office :	81-B/15, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.10.1986
Com. Reg. No.:	25-041406
Capital Investment / Paid-up Capital :	Rs.21.763 Millions
CIN No.: [Company Identification No.]	U29297PN1986PLC041406
TAN No.: [Tax Deduction & Collection Account No.]	PNEM08503F
PAN No.: [Permanent Account No.]	AABCM1797L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Drying Systems and Evaporators.
No. of Employees :	200 (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 770000
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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating : BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	June, 2012

Rating Agency Name	CARE
Rating	Short Term Rating : A4
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation it carry high credit risk.
Date	June, 2012

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.

INFORMATION PARTED BY

Name :	Ms. Priya
Designation :	Manager - Account
Contact No.:	91-20-27120360

LOCATIONS

Registered Office :	81-B/15, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India
Tel. No.:	91-20-27120360/ 27120835
Mobile No.:	91-9822022069 (Mr. Balraj)
Fax No.:	91-20-27127198/ 27122836
E-Mail :	mojjpune@vsnl.net
Website :	http://www.mojjpune.com
Location :	Owned
Factory 1 :	Unit No. I, 113/1, M.I.D.C., ‘S’ Block, Bhosari, Pune - 411 026, Maharashtra, India
Factory 2 :	Located at: v Ranjangaon, Pune

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Madhusudan Tejpal Gupta

Designation :

Whole Time Director

Address :

Plot No.4/2 and 5/2, S.No.257/1, Pallor Farms, Baner, Pune - 411 045, Maharashtra, India

Date of Birth/Age :

25.12.1954

Qualification :

B.E. (Hons) - Chemical Engineering, B.I.T.S. Pilani

Date of Appointment :

01.01.2010

DIN No.:

00525532

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Whole-time director	01/01/2010	01/04/1988	Active	NO
2	U65993MH1992PTC065618	MOJJ FINVEST (INDIA) PVT LTD.	Director	27/02/1992	27/02/1992	Active	NO
3	U25209MH1996PLC103935	TECHNOPLAST CORPORATION LIMITED	Director	01/01/1999	01/01/1999	Amalgamated	NO

Name :

Mr. Dhirendra Widyadhar Oke

Designation :

Whole Time Director

Address :

Plot No.81, Lokesh Co-operative Housing Society, Bibavewadi, Pune - 411 037, Maharashtra, India

Date of Birth/Age :

05.02.1954

Qualification :

M. Tech. - Mechanical Design Engineering, I.I.T. Mumbai

Date of Appointment :

01.01.2010

DIN No.:

00385324

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Whole-time director	01/01/2010	28/10/1986	Active	NO
2	U65993MH1992PTC065618	MOJJ FINVEST (INDIA) PVT LTD.	Director	27/02/1992	27/02/1992	Active	NO
3	U29254MH1975PTC018608	INDUS FABRICONS PRIVATE LIMITED	Director	11/12/1994	11/12/1994	Amalgamated	NO
4	U25209MH1996PLC103935	TECHNOPLAST CORPORATION LIMITED	Director	01/01/1999	01/01/1999	Amalgamated	NO
5	U70101PN2000PTC014990	MOP PROPERTIES PRIVATE LIMITED	Director	09/06/2000	09/06/2000	Active	NO
6	U31909AP2005PTC047743	INCAP INSULATORS PRIVATE LIMITED	Director	07/08/2006	07/08/2006	Amalgamated	NO

Name :

Mr. Balraj Bapusaheb Pol

Designation :

Whole Time Director

Address :

E/15, Chitraban Residency, Aundh, Baner Road, Aundh, Pune - 411 007, Maharashtra, India

Date of Birth/Age :

25.12.1954

Qualification :

B. Tech. - Chemical Engineering, I.I.T. Kharagpur

Date of Appointment :

01.01.2010

DIN No.:

00385379

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U65993MH1992PTC065618	MOJJ FINVEST (INDIA) PVT LTD.	Director	27/02/1992	27/02/1992	Active	NO
2	U29254MH1975PTC018608	INDUS FABRICONS PRIVATE LIMITED	Whole-time director	21/11/1998	21/11/1998	Amalgamated	NO
3	U25209MH1996PLC103935	TECHNOPLAST CORPORATION LIMITED	Director	01/01/1999	01/01/1999	Amalgamated	NO
4	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Whole-time director	01/01/2010	01/10/2003	Active	NO

Name :

Mr. Jayant R. Rairkar

Designation :

Director

Address :

433, Shaniwar Peth, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

27.12.1954

Date of Appointment :

31.07.1996

Name :

Mr. Anil Punamchand Kochar

Designation :

Director

Address :

B-9, Patil Gardens, S.No.29, Tejasnagar, Kothrud, Pune – 411 038, Maharashtra, India

Date of Birth/Age :

29.08.1965

Date of Appointment :

10.08.2004

DIN No.:

00007472

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Director	10/08/2004	10/08/2004	Active	NO
2	U45209PN2006PTC021957	CAIZE REALTY INDIA PRIVATE LIMITED	Director	29/04/2006	29/04/2006	Active	NO
3	U72300PN2006PTC129023	PROFICIENT DATA PROCESSING SYSTEMS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	Active	NO

Name :

Mr. Nandkishore Vidyadhar Kulkarni

Designation :

Whole Time Director

Address :

A 66/4, Sahara Premlok Park, Chinchwad, Pune 411 033, Maharashtra, India

Date of Birth/Age :

20.08.1955

Date of Appointment :

01.01.2010

DIN No.:

00525620

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Whole-time director	01/01/2010	16/12/2004	Active	NO

Name :

Mr. Dilip Digamber Ravetkar

Designation :

Whole Time Director

Address :

I-202 Nav Pinnac, Kanchanganga, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

29.07.1953

Date of Appointment :

12.12.2008

DIN No.:

00048446

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U25209DL1976PLC008309	HPL ADDITIVES LIMITED	Director	13/10/2005	13/10/2005	Active	NO
2	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Whole-time director	12/12/2008	24/08/2008	Active	NO

Name :

Mr. Ajay Kailashchand Kashyap

Designation :

Director

Address :

163-D, Sainik Farms, New Delhi – 110 062, India

Date of Birth/Age :

11.08.1949

Date of Appointment :

29.09.2008

DIN No.:

00661344

Other Directorships :

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	U74899DL1987PTC029394	ARK INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	06/10/1987	06/10/1987	-	Active	NO
2	U51109DL1999PTC100791	ARK FLUID SYSTEM COMPONENTS PRIVATE LIMITED	Director	22/07/1999	22/07/1999	-	Active	NO
3	U29305DL1999PTC102075	GREEN POWERCELL TECHNOLOGY PRIVATE LIMITED	Director	21/10/1999	21/10/1999	-	Active	NO
4	U85110DL2005PTC143512	KHUSHALI HEALTH CARE PVT LTD	Director	09/12/2005	09/12/2005	-	Active	NO
5	U45201DL2005PLC142462	DD GLOBAL CAPITAL LIMITED	Director	17/01/2006	17/01/2006	02/03/2009	Active	NO
6	L27109UP1963PLC002931	PTC INDUSTRIES LIMITED	Director	19/04/2007	19/04/2007	-	Active	NO
7	U29297PN1986PLC041406	MOJJ ENGINEERING SYSTEMS LIMITED	Director	29/09/2008	24/08/2008	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Priya
Designation :	Manager - Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Joshi Kamalakar Vasnatkumar	14626
Oke Widyadhar Dhirendra	622081
Gupta Madhusudan Rekha	55198
Gupta Tejpal Madhusudan	572585
Pol Bapusaheb Balraj	606157
Gupta Bhushan Bharat	10000
Oke Dhirendra Mayashree	32076
Oke Winayak Widyadhar	10000
Pol Bapusaheb Rajendra J/w Pol Bapusaheb Balraj	4000
Pol Balraj Anjali	28154
Gupta Madhusudan Niharika	6326
Kochar Dhanpati Punam Chand J/w Kochar Bimla	63
Garg Laxminarayan Usha	63
Singhania Hiralal Bankebehari	63
Babrah Mohansingh Harjinder	63
Mojj Finvest (India) Private Limited, India	208530
Gupta Tejpal Madhusudan (HUF)	3150
Pol Bapusaheb Balraj (HUF)	3150
Total	2176285

(AS ON 29.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	9.59
Directors or relatives of directors	88.98
Other top fifty shareholders	1.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Drying Systems and Evaporators.

Products :

Products Description	Item Code No.
Drying Systems	8419
Evaporators	8419

Exports :

Products :

v Drying Systems

v Evaporators

Countries :

Bangladesh

Imports :

Products :

Machinery

Countries :

v Italy

v Germany

v UK

Terms :

Selling :

Credit (30/ 60/ 90 days)

Purchasing :

Credit (30/ 60/ 90 days)

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

200 (Approximately)

Bankers :

v Canara Bank,

Camp Branch, Pune – 411 001, Maharashtra, India

v Bank of Maharashtra,

Model Colony Branch, Pune – 411 016, Maharashtra, India

v The North Kanara G.S.B. Co-Operative Bank Limited,

361; Laxmi Sadan, V.P. Road, Mumbai – 400 004, Maharashtra, India

Facilities :

Cash Credit – Rs.100.000 millions

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	0.000	8.688
Working capital loans banks secured	106.054	87.349
Loan taken for vehicles secured	2.246	2.527
Total	108.300	98.564

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans Directors unsecured	23.550	16.050
Other Debt unsecured	1.200	1.200
Total	24.750	17.250

Banking Relations :	--
Auditors :
Name :	Yeravedekar and Ranade Chartered Accountants
Address :	1018, Shukrawar Peth, Tilak Road Swargate Corner, Pune – 411002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFY0772F

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6300000	Equity Shares	Rs.10/- each	Rs.63.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2176285	Equity Shares	Rs.10/- each	Rs.21.763 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		21.763	21.763	21.763
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		169.882	131.420	85.039
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		191.645	153.183	106.802
LOAN FUNDS
1] Secured Loans		108.300	98.564	35.151
2] Unsecured Loans		24.750	17.250	18.321
TOTAL BORROWING		133.050	115.814	53.472
DEFERRED TAX LIABILITIES		0.000	0.217	0.577
TOTAL		324.695	269.214	160.851
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.164	36.284	25.207
Capital work-in-progress		0.000	0.000	0.691
INVESTMENT		0.025	0.025	0.034
DEFERRED TAX ASSETS		0.217	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	209.097	169.950	94.186
	Sundry Debtors	447.212	305.470	221.084
	Cash & Bank Balances	13.093	10.287	19.548
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	91.192	85.154	39.231
Total Current Assets		760.594	570.861	374.049
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	289.014	199.763	154.805
	Other Current Liabilities	163.864	111.223	60.169
	Provisions	19.600	27.200	24.167
Total Current Liabilities		472.478	338.186	239.141
Net Current Assets		288.116	232.675	134.908
MISCELLANEOUS EXPENSES		0.173	0.230	0.011
TOTAL		324.695	269.214	160.851

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1249.793	978.572	843.798
		Other Income	8.502	22.055	13.676
		TOTAL (A)	1258.295	1000.627	857.474
Less	EXPENSES
		Consumption materials changes inventories	982.764	741.239	786.530
		Manufacturing service costs	25.799	15.821
		Employee related expenses	54.160	51.991
		Administrative selling other expenses	117.979	105.169
		TOTAL (B)	1180.702	914.220	786.530
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.593	86.407	70.944
Less	INTEREST FINANCIAL CHARGES (D)		14.174	8.582	7.126
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.419	77.825	63.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.105	4.752	3.589
	PROFIT BEFORE TAX (E-F) (G)		57.314	73.073	60.229
Less	TAX (H)		18.853	26.692	22.642
	PROFIT AFTER TAX (G-H) (I)		38.461	46.381	37.587
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		97.692	56.311	26.270
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.000
		Proposed Dividend	0.000	0.000	2.176
		Tax on Dividend	0.000	0.000	0.370
	BALANCE CARRIED TO THE B/S		131.153	97.692	56.311
	IMPORT VALUE		NA	8.662	5.684
	Earnings Per Share (Rs.)		17.67	21.31	17.27

Expected Sales (2011-2012): Rs.1200.000 Millions

The above information has been parted by Ms. Priya (Manager - Account).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.06	4.64	4.38
Net Profit Margin (PBT/Sales)	(%)	4.59	7.47	7.14
Return on Total Assets (PBT/Total Assets}	(%)	7.19	12.04	15.09
Return on Investment (ROI) (PBT/Networth)		0.30	0.48	0.56
Debt Equity Ratio (Total Liability/Networth)		3.16	2.96	2.74
Current Ratio (Current Asset/Current Liability)		1.61	1.69	1.56

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FIXED ASSETS:

· Land

· Building

· Machinery

· Furniture and Fixtures

· Empty Container

· Drafting Machines

· Electrical Installation

· Refrigerators

· Office equipments

· Computers

· Xerox Machine

· Electrical

· Equipments

· Vehicles

· Generators

· Air Conditioners

· R and D Machinery

· R and D instruments

· R and D Pilot Plant

· Tools and Equipment

· Book (Engineering)

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 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.55.64
UK Pound	1	Rs.87.31
Euro	1	Rs.68.81

INFORMATION DETAILS

Report Prepared by :

NIT

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	6
--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		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.