MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Name :	INDIAN SMELTING AND REFINING COMPANY LIMITED
Registered Office :	Lal Bahadur Shastri Marg, Bhandup-West, Mumbai-400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.1932
Com. Reg. No.:	11-001910
Capital Investment / Paid-up Capital :	Rs.6.134 Millions
CIN No.: [Company Identification No.]	U74999MH1932PLC001910
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00194F/ MUMT08928D/ MUMT09919A
PAN No.: [Permanent Account No.]	AAACT3782D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and Non-Ferrous Alloys.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory 1 :	Lal Bahadur Shastri Marg, Bhandup-West, Mumbai-400078, Maharashtra, India
Tel. No.:	91-22-25784331/ 66815813/ 66815800
Fax No.:	91-22-25784180/ 67974209
E-Mail :	insmelt@vsnl.com mail@indiansmelting.com http://www.indiansmelting.com marketing@indiansmelting.com
Website :	http://www.insmelt.com http://www.indiansmelting.com
Factory 2 :	Casting Factory 1^st Pokhran Road, Panchpakhadi, Thane – 400606, Maharashtra, India
Tel. No.:	91-22-2588 2801 / 67987101
Fax No.:	91-22-67987104
E-Mail :	isthane@vsnl.com thane@indiansmelting.com mktg@indiansmelting.com
Factory 3 :	Gat No. 201, Off Pune – Nagar Road, Sanswadi-412208, Taluka- Shirur, District- Pune-412208, Maharashtra, India
Tel. No.:	91-2137-677200
Fax No.:	91-2137-677228
E-Mail :	pune@indiansmelting.com export.castings@indiansmelting.com mktg@indiansmelting.com

DIRECTORS

(AS ON 10.06.2011)

Name :

Mr. Chandrakant Birla

Designation :

Chairman

Address :

24, Aurangzeb Road, New Delhi- 110110, India

Date of Birth/Age :

09.01.1955

Date of Appointment :

31.10.2000

DIN No.:

00118473

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L21011OR1936PLC000117	ORIENT PAPER AND INDUSTRIES LIMITED	Director	29/09/1978	29/09/1978	-	Active	NO
2	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	23/02/1979	23/02/1979	-	Active	NO
3	L74999AP1955PLC000656	HYDERABAD INDUSTRIES LIMITED	Director	4/2/1980	4/2/1980	-	Active	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	13/01/1982	13/01/1982	-	Active	NO
5	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
6	U74999MH1932PLC001910	INDIAN SMELTING AND REFINING COMPANY LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
8	L24231DL2003PLC119441	FRESENIUS KABI ONCOLOGY LIMITED	Director	27/01/2006	27/01/2006	29/08/2007	Active	NO
9	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
10	U26940OR2011PLC013933	ORIENT CEMENT LIMITED	Additional director	23/07/2011	23/07/2011	-	Active	NO

Name :

Mr. Chiranjilal Gograj Joshi

Designation :

Director

Address :

A-11, Building No.17, Government Officers Flats, Hali Ali Park, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

01.08.1929

Date of Appointment :

18.05.1989

DIN No.:

00328553

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1932PLC001910	INDIAN SMELTING AND REFINING COMPANY LIMITED	Director	18/05/1989	18/05/1989	Active	NO
2	U67190MH2003PTC140325	PRAJO MULTISERVICES PRIVATE LIMITED	Director	7/5/2003	7/5/2003	Active	NO

Name :

Mr. Ananthanarayanan Shankar Narayanna

Designation :

Director

Address :

12, First Avenue, Harrington Road, Chetput, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

29.07.1942

Date of Appointment :

06.07.2004

DIN No.:

00385632

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
2	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Director	1/4/2002	1/4/2002	27/03/2008	Active	NO
3	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	24/05/2004	24/05/2004	-	Active	NO
4	U74999MH1932PLC001910	INDIAN SMELTING AND REFINING COMPANY LIMITED	Director	6/7/2004	6/7/2004	-	Active	NO
5	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO

Name :

Mr. Athul Singhi

Designation :

Managing Director

Address :

Flat 401, A EI Dorado, Kashinath Dhuru Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

07.02.1957

Qualification :

B.Sc.

Date of Appointment :

31.10.1994

DIN No.:

00166392

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1952PLC008941	INDUSTRY HOUSE LIMITED	Director	20/12/1990	20/12/1990	Active	NO
2	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	8/11/1993	8/11/1993	Active	NO
3	U74999MH1932PLC001910	INDIAN SMELTING AND REFINING COMPANY LIMITED	Managing director	1/11/2009	31/10/1994	Active	NO
4	U51909MH1995PTC220116	OLYPAB TRADES PRIVATE LIMITED	Director	1/6/2005	1/6/2005	Active	NO

Name :

Mrs. Amita Birla

Designation :

Director

Address :

24, Aurangzeb Road, New Delhi- 110110, India

Date of Birth/Age :

07.12.1956

Date of Appointment :

11.07.2007

DIN No.:

00837718

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67190MP1901PLC000439	GWALIOR FINANCE CORPORATION LIMITED	Director	27/01/1981	27/01/1981	Active	NO
2	U65921WB1946PLC014242	HINDUSTHAN DISCOUNTING COMPANY LIMITED	Director	24/03/1984	24/03/1984	Active	NO
3	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/03/1995	16/03/1995	Active	NO
4	U74999MH1932PLC001910	INDIAN SMELTING AND REFINING COMPANY LIMITED	Director	10/6/2008	11/7/2007	Active	NO
5	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Additional director	30/07/2008	30/07/2008	Active	NO

Name :

Mr. Srinivasa Varadhan Echambadi Tirumalai

Designation :

Director

Address :

B – 249, First Floor, Greater Kailash, Part I, New Delhi – 110048, India

Qualification :

29.03.1956

Date of Appointment :

21.04.2006

DIN No.:

00263942

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31901WB1961PLC025330	HM EXPORT LIMITED	Director	22/03/2004	22/03/2004	Active	NO
2	U74999MH1932PLC001910	INDIAN SMELTING AND REFINING COMPANY LIMITED	Director	21/04/2006	21/04/2006	Active	NO
3	U15421WB1934PLC008026	RANCHI ENTERPRISES AND PROPERTIES LIMITED	Director	22/08/2007	4/1/2007	Active	NO
4	U51900WB1966PLC026949	SOORYA VANIJYA AND INVESTMENTS LIMITED	Director	5/1/2007	5/1/2007	Active	NO
5	L02710MP1938PLC000132	CENTRAL INDIA INDUSTRIES LIMITED	Additional director	3/9/2007	3/9/2007	Active	NO
6	U62200DL2004PLC131655	FORUM I AVIATION LIMITED	Director	24/09/2008	13/11/2007	Active	NO
7	U72200DL1999PLC100410	BIRLASOFT ENTERPRISES LIMITED	Additional director	13/02/2009	13/02/2009	Active	NO
8	U74899DL1971PLC005601	AMER INVESTMENTS (DELHI) LIMITED	Director	24/05/2010	28/12/2009	Active	NO
9	U72900DL2010PLC197773	BIRLA SOFT LIMITED	Director	7/1/2010	7/1/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Chintamani Dattatraya Thatte
Designation :	Vice President and Company Secretary
Address :	Flat Nop.401, Laxmi Vilas Society, Near Chantali Mandir, Thane (West) – 400602, Maharashtra, India
Date of Birth/Age :	02.04.1965
Date of Appointment :	19.10.1993
PAN No.:	AAVPT7409D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 10.06.2011)

Names of Shareholders	No. of Shares
Arun Kumar Singhi	50
Alok Khaitan	100
Athul Singhi	100
Baroda Agents and Trading Company Private Limited, India	16250
Birla Bombay Limited, India	79400
Birla Corporation Private Limited, India	52000
Beniprasad M. Singhi	440
Calcutta Medical Institute, India	60400
Calcutta Hospital Institute, India	80000
Gwalior Finance Corporation Limited, India	21055
Mohini Mohan Varde and Mr. Mohan Shankar Varde	1000
Padmavati Investment Limited, India	40800
Rukmani Birla Educational Society, India	80000
Sri HJagannath Educational Institute, India	80000
Sri Govinddeo Educational Institute, India	80000
Suresh Waman Mulgaonkar and Ashwini Suresh Mulgaonkar	1000
Zenith Distributors and Agents Limited, India	18000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	37.08
Directors or relatives of directors	0.03
Other top fifty shareholders	62.80
Others	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and Non-Ferrous Alloys.

Products :

Product Description	Items Code
Non Ferrous Semis	740911 and 19
Non Ferrous Alloys	790120
Ferrous Casting	73259910

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda,

Backbay Reclamation Branch, Ram Mahal, Backbay Reclamation, Mumabi-400020, Maharashtra, India.

· Union Bank of India

· Landesbank Baden-Wurttemberg

Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart, DE 31061, Germany

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital facilities form banks	408.099	395.562
Total	408.099	395.562
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Fixed Deposits Unsecured	8.688	6.629
Total	8.688	6.629

Banking Relations :	--
Auditors :
Name :	M. M. Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B-Wing, 3^rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-24949991
Fax No.:	91-22-24949995
E-Mail :	mail@mmnissim.com
Memberships :	Confederation of Indian Industry
Associates/Subsidiaries :	· National Engineering Industries Limited · Birla Soft Limited · Hindustan Motors Limited · AVTEC Limited · Hyderabad Industries Limited · Orient Paper and Industries Limited · Orient Fans · GMMCO Limited · Nigeria Engineering Works Limited · Rivers Vegetable Oil Company Limited · Pan African Paper Mills (EA) Limited · Birla Institute of Technology · BM Birla Science and Technology Centre · BM Birla Heart Research Centre · Calcutta Medical Research Institute · Modern High School

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
400000	Preferences Shares	Rs.100/- each	Rs.40.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
613400	Equity Share	Rs.10/- each	Rs.6.134 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		6.134	6.134	6.134
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1265.570	1185.679	1136.606
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1271.704	1191.813	1142.740
LOAN FUNDS
1] Secured Loans		408.099	395.562	360.043
2] Unsecured Loans		8.688	6.629	7.254
TOTAL BORROWING		416.787	402.191	367.297
DEFERRED TAX LIABILITIES		27.811	0.000	0.000
TOTAL		1716.302	1594.004	1510.037
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		756.034	783.278	823.828
Capital work-in-progress		76.424	24.495	58.209
INVESTMENT		3.015	3.015	3.015
DEFERREX TAX ASSETS		0.000	18.271	34.173
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	655.252	534.233	347.035
	Sundry Debtors	793.228	689.076	434.452
	Cash & Bank Balances	13.217	5.448	3.796
	Other Current Assets	2.952	2.541	2.294
	Loans & Advances	259.699	196.700	160.691
Total Current Assets		1724.348	1427.998	948.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	608.984	492.858	208.030
	Other Current Liabilities	201.900	130.473	129.609
	Provisions	32.635	39.722	19.817
Total Current Liabilities		843.519	663.053	357.456
Net Current Assets		880.829	764.945	590.812
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1716.302	1594.004	1510.037

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5235.852	3911.911	3471.107
		Other Income	45.632	50.152	50.923
		TOTAL (A)	5281.484	3962.063	3522.030
Less	EXPENSES
		Consumption Materials Changed Inventories	3973.575	2924.429
		Manufacturing Service Costs	463.641	384.570
		Employee Related Expenses	431.804	348.188	3605.352
		Administrative Selling Other expenses	110.856	85.708
		Exceptional Income Expenses	0.000	(20.281)
		TOTAL (B)	4979.876	3722.614	3605.352
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		301.608	239.449	(83.322)
Less	FINANCIAL EXPENSES (D)		68.732	66.987	105.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		232.876	172.462	(188.594)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.289	101.068	92.854
	PROFIT BEFORE TAX (E-F) (G)		130.587	71.394	(281.448)
Less	TAX (H)		43.543	15.146	(94.788)
	PROFIT AFTER TAX (G-H) (I)		87.044	56.248	(186.660)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.447	0.000	14.397
Less	APPROPRIATIONS
		Transfer to General Reserve	13.050	5.625	(172.020)
		Refund of Income Tax	0.000	0.000	(0.243)
		Proposed Dividend	6.134	6.134	0.000
		Corporate Dividend Tax	1.019	1.042	0.000
	BALANCE CARRIED TO THE B/S		110.288	43.447	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	683.596	NA
		Other Earnings	NA	0.659	NA
	TOTAL EARNINGS		NA	684.255	NA
	IMPORTS
		Raw Materials	NA	102.891	33.305
		Stores & Spares	NA	4.734	10.945
		Capital Goods	NA	3.311	21.132
	TOTAL IMPORTS		NA	110.936	65.382
	Earnings Per Share (Rs.)		141.90	91.70	(304.30)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.65	1.42	(5.30)
Net Profit Margin (PBT/Sales)	(%)	2.49	1.83	(8.11)
Return on Total Assets (PBT/Total Assets}	(%)	5.26	3.23	(15.88)
Return on Investment (ROI) (PBT/Networth)		0.10	0.06	0.25
Debt Equity Ratio (Total Liability/Networth)		0.99	0.89	0.63
Current Ratio (Current Asset/Current Liability)		2.04	2.15	2.65

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999MH1932PLC001910
Name of the company	INDIAN SMELTING AND REFINING COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	Lal Bahadur Shastri Marg, Bhandup, Mumbai- 400078, Maharashtra, India mail@indiansmelting.com
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	· Landesbank Baden-Wurttemberg Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart, DE 31061, Germany andrea.rosenkranz@lbbw.de
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 9th December 2011 executed by the Company in favour of Landesbank Baden-Wurttemberg, Am Hauptbahnhof 2, 70173 Stuttgart, Germany
Date of instrument Creating the charge	09/12/2011
Amount secured by the charge	Rs.220.626 Millions

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Office Equipments

· Vehicles

· Software

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.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.