MIRA INFORM REPORT

Report Date :

29.08.2012

IDENTIFICATION DETAILS

Name :	ENPRO INDUSTRIES PRIVATE LIMITED
Registered Office :	D 12/4, MIDC, Chinchwad, Pune – 411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.03.1999
Com. Reg. No.:	25-13421
Capital Investment / Paid-up Capital :	Rs.40.345 Millions
CIN No.: [Company Identification No.]	U74210PN1999PTC013421
TAN No.: [Tax Deduction & Collection Account No.]	PNEE01528C
PAN No.: [Permanent Account No.]	AAACE6137H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Mechanical Fluid Systems like lube oil system injection system, fuel handling systems, etc.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1200000
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 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB+
Rating Explanation	Moderate credit risk
Date	17.05.2012

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and high credit risk
Date	17.05.2012

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 :	Mr. Murali Iyer
Designation :	Deputy Manager in Finance
Contact No.:	91-20-67308000
Date :	28.08.2012

LOCATIONS

Registered Office / Factory 1 :	D 12/4, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-67308000/ 66113656/ 27478292
Mobile No.:	91-9765554982 (Mr. Murali Iyer)
Fax No.:	91-20-27478292
E-Mail :	enpro@vsnl.com info@enproindia.com srikrishna.karkare@enproindia.com iut@et.net murali.iyer@enproindia.com
Website :	http://www.enproindia.com
Area :	3500 Sq. ft
Location :	Owned
Head Office / Factory 2:	A-17, H-Block, MIDC, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-66113666 / 27472157
Fax No.:	91-20-27470909
Area :	3500 Sq. ft
Location :	Owned
Factory 3:	Gat No.215/216/218/219, Alandi Markal, Pune – 412105, Maharashtra, India
Area :	5.5 acre
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Srikrishna Bhargava Karkare
Designation :	Chairman cum Managing Director
Address :	378, Sector 24, PCNTDA, Tilak Road, Pradhikaran Nigdi, Pune-411044, Maharashtra, India
Date of Birth/Age :	13.10.1959
Qualification :	Graduate
Date of Appointment :	01.07.1999
DIN No.:	00409347
Name :	Ms. Alka Srikrishna Karkare
Designation :	Whole Time Director
Address :	378, Sector 24, PCNTDA, Tilak Road, Pradhikaran Nigdi, Pune-411044, Maharashtra, India
Date of Birth/Age :	21.10.1959
Qualification :	Graduate
Date of Appointment :	01.07.1999
DIN No.:	00409408

KEY EXECUTIVES

Name :	Mr. Murali Iyer
Designation :	Deputy Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Srikrishna Bhagava Karkare	2404400
Alka Srikrishna Karkare	1434427
Siddharth Srikrishna Karkare	97825
Arjun Srikrishna Karkare	97823
Total	4034475

As on 31.03.2012

Names of Allottee	No. of Shares Allotted
Srikrishna Bhagava Karkare	625000
Alka Srikrishna Karkare	383100
Total	1008100

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Mechanical Fluid Systems like lube oil system injection system, fuel handling systems, etc.
Products :	· Lube Oil Systems · Fuel Handling Skids · Fuel Gas/ Offshore Gas/ Refinery Gas Handling Systems · Chemical Injection Systems · Seal Gas Units · Water Wash Units · Air Processing Units · Code Stamped Pressure Vessels and Heat Exchangers
Exports :
Products :	Mechanical Fluid Systems like lube oil system injection system, fuel handling systems
Countries :	· Japan · USA · Europe
Imports :
Products :	Raw Material
Countries :	· Europe · Gulf Country · France
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Naypad Steel Industries

· Sanghvi Forging Limited

Customers :

End Users

· GE Power Systems, USA and Europe

· Siemens - Demag Delaval Turbomachinery

· GE Energy Products, Europe (France and Germany)

· Thomassen International BV, Netherlands

· Nuovo Pignone (GE Oil and Gas), Italy

· Reliance Industries Limited

· Shin Nippon Machinery, Japan

· Bharat Heavy Electricals Limited

· Hitachi Industries, Japan

· Larsen and Toubro Limited

· Ebara Corporation, Japan

· Alstom Power / Projects (India) Limited

· Peter Brotherhood, UK

· Kirloskar Ebara Pumps Limited

· Sulzer Pumpen, Germany

· Sulzer Pumps India Limited

· ZEECO Inc, USA

· KSB Pumps Limited

· TOYO Denki Power Systems Limited, Japan/India

· Demag Kirloskar Compressors Limited

· TOYO Engineering Corporation, Japan/India

· Thyssen-Krupp Industries India

· Shin Thermo Dynamic Engineering, India

· Bharat Petroleum Corporation Limited

No. of Employees :

150 (Approximately)

Bankers :

· The Saraswat Co-Operative Bank Limited, Pimpri Chinchwad Branch, Chinchwad, Pune-411018, Maharashtra, India

· State Bank of India, Gresham House, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India

· HDFC Bank Limited

· Kotak Mahindra Bank

· Barclays Bank

· Standard Chartered Bank Limited

· YES Bank, Bhanarkar Road, Pune, Maharashtra, India

· The Saraswat Co-Operative Bank Limited, F C Road Branch, Pune-411004, Maharashtra, India

Facilities :

Total Facility Rs.300.000 Millions (Form The Saraswat Co-Operative Bank Limited)

Total Facility Rs.150.000 Millions (Form Yes Bank)

Total Facility Rs.402.700 Millions (Form State Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Saraswat Bank Cash Credit A/c No. 2560	41.873	9.760
State Bank of India Cash Credit A/c 66002722967	90.259	63.761
HDFC Bank Limited Cash Credit A/c 0019-05-132	(0.004)	(0.004)
Yes Bank Limited, Cash Credit A/C No. 00398410000064	65.287	56.346
Saraswat Bank - Packing Credit Finance	56.139	127.234
State Bank of India- Packing Credit Finance	114.85	0.000
Yes Bank Limited - Packing Credit Finance	26.847	0.000
Bank of India - Buyers Credit	14.117	0.000
Saraswat Bank Term Loan A/C No.19718	0.396	0.673
Sareswat Bank Term Loan A/C No.25749	0.015	0.212
Saranwt Bank Torni Loan A/C No.26623	0.524	0.761
Saraewat Bank Term Loan A/C No. 26219	0.159	0.267
Saraewat Bank Term Loan A/C No. 26220	0.159	0.267
Samwai Bank Term Loan AC No. 26221	0.159	0.267
Saraewat Bank Tarni Loan A/C No. 42775	0.128	0.174
Saraewal Bank Tenm Loan A/C No. 42776	0.128	0.174
Seraewtf Bank Term Loan AC No. 42777	0.204	0.277
Sera swat Bank Term Loan A/C No. 42778	0.229	0.311
Saratwat Bank Term Loan AC No. 43010	0.449	0.000
State Bank of India Term Loan	103.793	115.688
Yea Bank Ltd. Term Loan	27.563	0.000
Saraawat Bank Term Loan ((The Term Loans from the bank are secured by the respective assets mentioned against them. The cash credit is secured by a first charge on all the assets of the company)	45.979	16.455
Cholamandalam DBS Finance Limited A/c No.PULN288675 Mahindra Maxx Pikup MH 14-A-5533	0.000	0.086
Total	589.253	392.709
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Subhash B Karkare	0.300	0.300
Rajkishore Karoor	4.000	4.000
Total	4.300	4.300

Banking Relations :	--
Auditors :
Name :	R M Rajapurkar and Company Chartered Accountants
Address :	1- Regent Avenue, Sambhaji Chowk, Pradhikaran, Nigdi, Pune-411044, Maharashtra, India
PAN.:	AANPD2738B

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5042575	Equity Shares	Rs.10/- each	Rs.50.426 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4034475	Equity Shares	Rs.10/- each	Rs.40.345 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		40.345	40.345	40.345
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		271.169	213.548	154.966
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		311.514	253.893	195.311
LOAN FUNDS
1] Secured Loans		589.253	392.709	194.358
2] Unsecured Loans		4.300	4.300	4.300
TOTAL BORROWING		593.553	397.009	198.658
DEFERRED TAX LIABILITIES		0.604	0.933	0.670
TOTAL		905.671	651.835	394.639
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		292.546	140.268	67.342
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		31.238	100.845	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.194
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	237.559	89.925	106.066
	Sundry Debtors	313.623	273.060	194.790
	Cash & Bank Balances	5.826	5.548	0.308
	Other Current Assets	61.025	67.314	39.304
	Loans & Advances	35.022	24.030	10.656
Total Current Assets		653.055	459.877	351.124
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.502	11.228	7.132
	Other Current Liabilities	6.163	7.031	3.619
	Provisions	52.503	30.896	13.292
Total Current Liabilities		71.168	49.155	24.043
Net Current Assets		581.887	410.722	327.078
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		905.671	651.835	349.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	777.110	747.003	570.837
		Other Income	22.242	2.694	0.961
		TOTAL (A)	799.352	749.697	571.798
Less	EXPENSES
		Material Costs		450.065	315.164
		Employee Costs		70.905	61.433
		Manufacturing Costs		72.669	54.310
		Administrative Costs, Selling and Distribution Costs		46.178	40.557
		TOTAL (B)	88.207	639.817	471.464
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			109.880	100.334
Less	FINANCIAL EXPENSES (D)			20.060	27.328
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(Including Financial and Depreciation Expenses)	89.820	73.006
Less/ Add	DEPRECIATION/ AMORTISATION (F)			5.106	5.126
	PROFIT BEFORE TAX (E-F) (G)		88.207	84.714	67.880
Less	TAX (H)		17.387	14.854	8.254
	PROFIT AFTER TAX (G-H) (I)		70.820	69.860	59.626
	IMPORT VALUE		133.223	91.027	105.702
	EXPORT VALUE		343.697	269.634	248.494
	Earnings Per Share (Rs.)		12.88	17.32	14.78

Particulars	31.03.2012
Sales Turnover (Approximately)	1020.000

Expected Sales (2012-13) : Rs.1200.000 Millions

The above information has been parted by Mr. Murali Iyer

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.86	9.31	10.42
Net Profit Margin (PBT/Sales)	(%)	1135	11.34	11.89
Return on Total Assets (PBT/Total Assets}	(%)	9.33	14.11	16.22
Return on Investment (ROI) (PBT/Networth)		0.28	0.33	0.35
Debt Equity Ratio (Total Liability/Networth)		2.13	1.75	1.14
Current Ratio (Current Asset/Current Liability)		9.18	9.35	14.60

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	12.502	11.228	7.132
Total	12.502	11.228	7.132

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	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

PERFORMANCE

This is the twelfth year of subject and the tenth year of its Export Oriented division. Although company posted a moderate growth in revenues In comparison to previous year the turnover of the company has been in line with the growth pattern of average CAGR of about 20%. The export percentage of the sales has increased to 44%. Even with the moderate increase the PAT percentage to sales revenue is at a healthy level of 9.11%

The Company expansion plans of setting up the new pant at Markal are almost complete. The plant will commence commercial operation from Sept 2011. With this development the company has also ventured into new line of business wherein the systems will built at the end customer site (EPC). With all these development the company has an healthy order book of 1040 million rupees.

REVIEW OF OPERATION

The renewal audits for ASME U stamp and ISO 9001- 2Q00 quality system certification were success fully completed in this year thus ensuring maintenance of world class quality standards. Several training programmes for lean manufacturing were conducted. Improved management of production and procurement practices has resulted in improved on -time performance and improved inventory control.

CONTINGENT LIABILITIES NOT PROVIDED FOR:- (As on 31.03.2011)

a. Un-expired Bank Guarantees / Letters of Credit issued to third parties as on 31st March, 2011 is Rs.114.549 Millions (Previous Year -Rs Rs.135.003 Millions)

b. Claims against companies not admitted as debts - Nil as per information and explanation given.

c. Disputed taxation, Income Tax- Appeal for disputed Income Tax demand pending before ITAT for A.Y 08-09 - Rs.9.633 Millions.

d. Estimated amount of contracts remaining to be executed on capital account (Net of advances) -Rs Nil.

TRADE REFERENCES

· Naypad Steel Industries

· Sanghvi Forging Limited

· Bharat heavy Electricals Limited

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74210PN1999PTC013421
Name of the company	ENPRO INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D 12/4, MIDC, Chinchwad, Pune-411019, Maharashtra, India srikrishna.karkare@enproindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80018353
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others (Stock Raw of Material, Stock In Process)
Particular of charge holder	State Bank of India, Gresham House, Sir P.M. Road, For, Mumbai-400001, Maharashtra, India iut@eth.net
Nature of instrument creating charge	Fifth Supplemental Joint deed of hypothecation Fifth Supplemental working capital consortium agreement Fifth Supplemental inter se agreement of Banks Fifth Supplemental Memorandum of Deposit of title deeds (All the agreements constitute a single charge)
Date of instrument Creating the charge	30.12.2011
Amount secured by the charge	Rs.934.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letters of various Banks. Terms of Repayment As per sanction letters of various Banks. Margin As per sanction letters of various Banks. Extent and Operation of the charge Rs. In Millions State Bank of India 546.000 Saraswat Co-oprative 259.500 Yes Bank 128.600 Total 934.100
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Company's current assets namely stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares not railing to plant and machinery(consumable stores and spares),bills receivables and book debts and all other movables, both present and future. Plot No 12/4, D-1,Block admn about 910 sq. mtrs, Gat No 216 out of which are are admn 09 R, Gat No 215/2 out of which are are admn 04 R Gat No 218 out of which are are admn 94.5 R and Gat No 219 out of which are are admn 99 R industrial zone situated at Village, Markal, Taluka Khed District Pune All that piece and parcels o freehold Industrial Land admn 10,000 sq. ft at Gat No 214/2, admn 2 Hectare 42, situated at Village Markal, Taluka Khed District Pune. All that piece and parcel of Leasehold Industrial Land bearing Plot No A-17 H Block admn 1346 sq.mtrs. Industrial Area of MIDC, situated at Village Pimpri. District Pune.
Particulars of the present modification	By present modification dated 30.12.2011 total limits have been enhanced from Rs. 900.500 Millions to Rs. 934.100 Millions. Company has offered immovable properties situated at Chinchwad, MIDC, Plot No 12/4,D-1,Block admn about 910 sq. mtrs, Gat No 216 out of which are are admn 09 R, Gat No 215/2 out of which are are admn 04 R, Gat No 218 out of which are are admn 94.5 R and Gat No 219 out of which are are admn 99 R and Gat No 214/2,admn 2 Hectare 42 industrial zone situated at Village, Markal, Taluka Khed District Pune.

FIXED ASSETS:

· Land

· Office Building

· Factory Building

· Furniture and Fixture

· Vehicles

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Computer and Periphera

· Trademark and Patents

· Books and Standards

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.55.78
UK Pound	1	Rs.88.04
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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		46

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.