MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	JAY PUMPS PRIVATE LIMITED

Registered Office :	Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five, Navrangpura, Ahmedabad– 380009, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	18.04.1994

Com. Reg. No.:	04-021839

Capital Investment / Paid-up Capital :	Rs.0.811 Million

CIN No.: [Company Identification No.]	U29120GJ1994PTC021839

TAN No.: [Tax Deduction & Collection Account No.]	AHMJO0275C

PAN No.: [Permanent Account No.]	AAACJ4887H

Legal Form :	Private Limited Liability Company

Line of Business :	Distributor of Pumps

No. of Employees :	32 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 150000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are 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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five, Navrangpura, Ahmedabad– 380009, Gujarat, India
Tel. No.:	91-79-26561054/26568373/26561055
Mobile No.:	91-9979898213 (Mr. Hasmukhbhai Patel)
Fax No.:	91-79-26443850
E-Mail :	info@jaypumps.com rajkot@jaypumps.com surat@jaypumps.com jatin@jaywater.com
Website :	http://www.jaypumps.com
Location :	Owned

Head Office :	Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26561054 / 55
Fax No.:	91-79-26443850
E-Mail :	info@jaypumps.com

Branch Office 1 :	Located At Rajkot : 2^nd Floor, Om Shubham Complex, Sardarnagar Main Road, Rajkot – 360002, Gujarat, India
Tel No.:	91-281-2462216/17
Email :	rajkot@jaypumps.com

Branch Office 2 :	Located At : Surat 2^nd Floor, Om Shubham Complex, Sardarnagar Main Road, Rajkot – 360002, Gujarat, India
Tel No.:	91-261-6560135
Email :	surat@jaypumps.com

Grundfos Authorised Service Centre :	Block 198/3, Dantail Industrial Estate, Gota Vadsar Road, Lapkaman, Near Sardar Patel Ring Road, Ahmedabad Gujarat, India
Tel No :	91-79-32924580 / 2764286155
E-Mail :	service@jaypumps.com

DIRECTORS

As on 06.08.2012

Name :	Mr. Hasmukhbhai Joitaram Patel
Designation :	Director
Address :	29, Royal Cresent, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	18.04.1984
DIN No.:	00117464

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	U51909GJ1991PLC014920	JAY WATER LIMITED	Director	18/01/1991	18/01/1991	-	Active	NO
2	U29120GJ1994PTC021839	JAY PUMPS PRIVATE LIMITED	Director	18/04/1994	18/04/1994	-	Active	NO
3	U29197GJ2006PTC048280	JAY WATER MANAGEMENT PRIVATE LIMITED	Director	18/05/2006	18/05/2006	-	Active	NO
4	U72200GJ2008PTC055708	RADIUS INFOSOFT PRIVATE LIMITED	Director	18/12/2008	18/12/2008	28/08/2009	Active	NO
5	U92411GJ1990GAP014728	BLOSSOM SPORTS AND RECREATION CLUB LIMITED	Director appointed in casual vacancy	18/08/2011	18/08/2011	-	Active	NO

Name :	Mr. Pravinbhai Jyotram Patel
Designation :	Director
Address :	9-B, Sentossa Park, Behind Hira Rupa Hall, Amboli Bopal Road, Amboli, Makarba, Ahmedabad, Gujarat, India
Date of Birth/Age :	16.12.1964
Date of Appointment :	18.04.1994
DIN No.:	00012444

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	U51909GJ1991PLC014920	JAY WATER LIMITED	Director	18/01/1991	18/01/1991	-	Active	NO
2	U29120GJ1994PTC021839	JAY PUMPS PRIVATE LIMITED	Director	18/04/1994	18/04/1994	-	Active	NO
3	U29197GJ2006PTC048280	JAY WATER MANAGEMENT PRIVATE LIMITED	Director	18/05/2006	18/05/2006	-	Active	NO
4	U92411GJ1990GAP014728	BLOSSOM SPORTS AND RECREATION CLUB LIMITED	Director appointed in casual vacancy	18/08/2011	18/08/2011	-	Active	NO

Name :	Mr. Varun Hasmukhbhai Patel
Designation :	Director
Address :	29, Royal Cresent, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	25.07.1984
Date of Appointment :	01.02.2006
DIN No.:	00354030

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	U29120GJ1994PTC021839	JAY PUMPS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
2	U51909GJ1991PLC014920	JAY WATER LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
3	U92411GJ1990GAP014728	BLOSSOM SPORTS AND RECREATION CLUB LTD	Director appointed in casual vacancy	18/08/2011	18/08/2011	-	Active	NO
4	U29197GJ2006PTC048280	JAY WATER MANAGEMENT PRIVATE LIMITED	Director	16/08/2012	16/07/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2012

Names of Shareholders		No. of Shares
Hasmukhbhai Joitaram Patel		7600
Pravin Joitaram Patel		7600
Joitram Ramchandra Patel		800
Joitiben Joitaram Patel		4500
Savitaben Hasmukhbhai Patel		20000
Shardaben Pravinbhai Patel		2500
Hasmukh Joitaram Patel (HUF)		7500
Hetal Hasmukhbhai Patel		6500
Pravin Joitaram Patel (HUF)		100
Varun Hasmukhbhai Patel		8000
Alok Hasmukh Patel		8000
Dadhichi Pravin Patel		8000
TOTAL		81100

Equity Share Break up (Percentage of Total Equity)

As on 06.08.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Pumps

Products :	Centrifugal Circular Pumps Conned-Roating Angle Stage Contrifugal Pump Multistage Contrifugal Pump Contrifugal Pressure Boosting System 3" Centrifugal High Presure Hooster Mudule Self Priming Jet Contrifugal Pumps Drainase Contrifugal Pumps Centrifugal Circular Pumps Conned-Roating Angle Stage Contrifugal Pump Multistage Contrifugal Pump Contrifugal Pressure Boosting System 3" Centrifugal High Presure Hooster Mudule Self Priming Jet Contrifugal Pumps Drainase Contrifugal Pumps Pumps

GENERAL INFORMATION

Customers :

ABB Limited
Reliance Industries Limited
IDMC Limited
Tata Chemicals Limited
Gujarat Ambuja Export Limited
Doshi Ion Exchange Limited
Hindustan Coca Cola Beverages Limited
Torrent Pharma.Limited
Kalptaru Paper Limited
Dishman Pharmaceuticals and Chemicals Limited
Birla Cellulosic
Central Salt and Marine Chemicals Research Inst.
Mamta Energy Private Limited
Jyoti CNC Automation
Claris Life Science Limited
Voltas Limited
Paras Pharmaceutical Limited
Alembic Limited
Gujarat Cricket Association
Reserve Bank Of India
Gruh Finance Limited
Goyal and Company
N. G. Corporation

No. of Employees :

32 (Approximately)

Bankers :

Dena Bank, Branch Navrangpura SSI , Near Swastic Char Rasta, C.G. Road, Ahmedabad – 380009, Gujarat, India

ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term loans
From Banks
ICICI Bank (Cruize Car) (Secured By Hypothecation of Cruize Car) (Repayable in 35 Equal Monthly Installments)	0.068	0.461
ICICI Bank (Mercedes Benz Car) (Secured By Hypothecation of Mercedes Benz Car) (Repayable in 35 Equal Monthly Installments)	0.947	0.000

From Financial Institutions
Barclays Finance (Repayable in 24 Equal Monthly Installments)	0.000	0.509

Loans repayable on demand
From banks
Working Capital Loan (Dena Bank)	3.585	2.695
(The working capital facility from bank is secured by first charge by way of Hypothecation of Stock-Cum-Book Debts and further personal guarantee of all Directors of company)
(The facility is further secured by first charge by way of equitable mortgage on immoveable property situated at Kumud Apartment, Navrangpura, Ahmedabad belonging to one of the Director, Mr. Pravin J. Patel.)
Total	4.600	3.665

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Loans and advances from related parties
From Directors	0.485	3.834
From Shareholders	4.479	3.711
Total	4.964	7.545

Banking Relations :	--

Auditors :
Name :	Ambalal Patel and Company Chartered Accountants
Address :	1^st Floor, Sapphire Business Centre, Above SBI Vadaj Branch, Usmanpura, Ashram Road, Ahemdabad – 380013, Gujarat, India
PAN.:	AABFA3490K

Group Companies :	Jay Water Limited Address : Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five, Navrangpura, Ahmedabad– 380009, Gujarat, India Jay Water Management Private Limited Address : Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five, Navrangpura, Ahmedabad– 380009, Gujarat, India V2 Impex

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81100	Equity Shares	Rs.10/- each	Rs. 0.811 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.811	0.811	0.811
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.760	20.536	11.056
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.571	21.347	11.867
LOAN FUNDS
1] Secured Loans		4.600	3.665	8.500
2] Unsecured Loans		4.964	7.545	6.700
TOTAL BORROWING		9.564	11.210	15.200
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		48.135	32.557	27.067

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		10.351	7.294	6.514
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.493	0.444	0.233

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.722	26.788	15.027
	Sundry Debtors	26.165	22.156	12.338
	Cash & Bank Balances	0.197	0.901	0.827
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.895	3.808	2.610
Total Current Assets		68.979	53.653	30.802
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.475	15.297	3.803
	Other Current Liabilities	5.115	7.769	3.275
	Provisions	9.098	5.768	3.404
Total Current Liabilities		31.688	28.834	10.482
Net Current Assets		37.291	24.819	20.320

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		48.135	32.557	27.067

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	277.022	207.123	178.731
		Other Income
		TOTAL	277.022	207.123	178.731

Less	EXPENSES
		Office Expenses	247.965	190.097	167.930
		Administrative Expenses
		Advertising Expenses
		TOTAL	247.965	190.097	167.930

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		29.057	17.026	10.801

Less/ Add	DEPRECIATION/ AMORTISATION		2.570	2.069	1.674

	PROFIT BEFORE TAX		26.487	14.957	9.127

Less	TAX		8.982	5.195	3.113

	PROFIT AFTER TAX		17.505	9.762	6.014

	Prior Period Tax Adjustment		0.000	0.002	(0.024)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.662	9.181	3.881

Less	APPROPRIATIONS
		Proposed / Interim Dividend	0.243	0.243	0.162
		Tax on Proposed / Interim Dividend	0.039	0.040	0.028
		Transfer to General Reserve	2.000	1.000	0.500
	BALANCE CARRIED TO THE B/S		32.885	17.662	9.181

	Earnings Per Share (Rs.)		215.86	120.42	74.64

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.06	4.71	3.36

Return on Total Assets (PBT/Total Assets}	(%)	33.39	29.54	24.45

Return on Investment (ROI) (PBT/Networth)		0.69	0.70	0.76

Debt Equity Ratio (Total Liability/Networth)		1.07	1.88	2.16

Current Ratio (Current Asset/Current Liability)		2.18	1.86	2.93

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	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	Yes
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]	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	No

RESULT OF OPERATION

The Company has recorded turnover of Rs.277.022 Millions including other income during the year (Previous year Rs.206.886 Millions) and earned net profit after tax of Rs.17.506 Millions (Previous year Rs.9.764 Millions). The company enjoys a strong presence in the market

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29120GJ1994PTC021839
Name of the company	JAY PUMPS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five, Navrangpura, Ahmedabad– 380009, Gujarat, India Email : info@jaypumps.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90102337
Type of charge	Book Debts Movable Property (not being pledge) Others (Stock of goods, movable proprieties etc.
Particular of charge holder	Dena Bank, Branch Navrangpura SSI , Near Swastic Char Rasta, C.G. Road, Ahmedabad – 380009, Gujarat, India Email : navran@denabank.co.in
Nature of instrument creating charge	Unattested memorandum of modification of hypothecation agreement
Date of instrument Creating the charge	11.04.2012
Amount secured by the charge	Rs.12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: BR+6.55%-2.00% as per GMO approval vide proposal no. GMO/ADV/3397/2012 dated 12.03.2012 (i.e. 15.50%) Terms of Repayment: Repayable on demand Margin : For cash credit- Stock-25% Book debts-50% For bank guarantee-25.00% Extent and operation of the charge: First and exclusive charge of the bank on all the stocks, book debts and movable properties of the company to secure the enhanced cash credit facilities of Rs. 11.000 Millions (increased from Rs. 6.000 Millions to Rs.11.000 Millions) and bank guarantee of Rs.1.500 Millions aggregating total of Rs.12.500 Millions granted by the bank to the company.
Date of instrument modifying the charge	23.06.2011
Particulars of the present modification	By way of this modification the charge has been extended to secure enhanced facilities of Rs.12.500 Millions consisting- 1) Cash credit- Rs.11.000 Millions (increased from Rs.6.000 Millions to Rs.11.000 Millions) 2) BG- Rs.1.500 Millions Thus, now the charge stands for total limit of Rs.12.500 Millions.

FIXED ASSETS

Plant and Machinery
Furniture and Fixtures
Vehicles
Office 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 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 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.54.85
UK Pound	1	Rs.88.55
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

33.722

26.788

15.027

26.165

22.156

12.338

0.197

0.901

0.827

0.000

0.000

0.000

8.895

3.808

2.610

68.979

53.653

17.475

15.297

3.803

5.115

7.769

3.275

9.098

5.768

3.404

31.688

28.834

37.291

24.819

7.06

4.71

3.36

33.39

29.54

24.45

0.69

0.70

0.76

1.07

1.88

2.16

2.18

1.86

2.93

Unit