MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED

Registered Office :	1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	22.10.1992

Com. Reg. No.:	04-18470

Capital Investment / Paid-up Capital :	Rs.12.500 Millions

CIN No.: [Company Identification No.]	U29120GJ1992PTC018470

TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00100C

PAN No.: [Permanent Account No.]	AAACJ3791Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of HDPE Pipes, Blowers, Storage Tanks etc.

No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 120000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

INFORMATION PARTED BY

Name :	Mr. Anal Amrutbhai Patel
Designation :	Director
Contact No.:	9879766766
Date :	01.02.2012

LOCATIONS

Registered Office / Factory:	1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat, India
Tel. No.:	91-79-25892438/ 25830931 / 25893313
Mobile No.:	91-9879766766 (Mr. Anal A. Patel)
Fax No.:	91-79-25893313
E-Mail :	info@jetfiber.co.in lakhanikp@yahoo.co.in jetfibre@hotmail.com
Website :	www.jetfiber.com
Area :	1000 sq mtrs
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Amrutbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

05.03.1957

Date of Appointment :

22.10.1992

DIN No.:

00171902

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	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	22/10/1992	22/10/1992	-	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Alternate director	31/12/2009	31/12/2009	-	Active	NO
3	U25191GJ2011PTC067702	JET IRRIGATION PRIVATE LIMITED	Director	2/11/2011	2/11/2011	-	Active	NO

Name :

Mr. Pravinbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

22.09.1960

Date of Appointment :

22.10.1992

DIN No.:

00171969

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	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	22/10/1992	22/10/1992	-	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Alternate director	31/12/2009	31/12/2009	-	Active	NO

Name :

Mr. Rameshbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

22.05.1967

Date of Appointment :

22.10.1992

DIN No.:

00172007

Name :

Mr. Dhaval Amratbhai Patel

Designation :

Director

Address :

Ashirwad Surtikuvo, Ghodasar, Ahmadabad – 380 050, Gujarat, India

Date of Birth/Age :

13.11.1988

Date of Appointment :

01.11.2008

DIN No.:

02253320

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	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
2	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	1/11/2008	1/11/2008	-	Active	NO

Name :

Mr. Laxmanbhai Purshottambhai Bhoi

Designation :

Director

Address :

G-103, Shakuntal Appartment, Near Girivar Bunglows, Opposite Ramwadi Tekra, Isanpur, Ahmadabad – 380 050, Gujarat, India

Date of Birth/Age :

15.08.1972

Date of Appointment :

01.02.2010

DIN No.:

02894203

Name :

Mr. Anal Amrutbhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

18.10.1986

Date of Appointment :

25.02.2005

DIN No :

00172034

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	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	25/02/2005	25/02/2005	-	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
3	U25191GJ2011PTC067702	JET IRRIGATION PRIVATE LIMITED	Director	2/11/2011	2/11/2011	-	Active	NO

Name :

Mr. Madhumatiben A. Patel

Designation :

Director (Alternate Director to Dhaval Amratbhai Patel )

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

14.06.1964

Date of Appointment :

01.09.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Amrutbhai Purshottambhai Patel		354300
Rameshbhai Purshottambhai Patel		354300
Pravinbhai Purshottambhai Patel		354300
Hansaben Purshottambhai Patel		40500
Pannaben Purshottambhai Patel		12200
Dharmisthaben Rameshbhai Patel		10000
Rameshbhai Purshottambhai Patel (As a Karta of HUF)		100
Pravinbhai Purshottambhai Patel (As a Karta of HUF)		100
Amrutbhai Purshottambhai Patel (As a Karta of Amrutbhai P Patel HUF)		100
Amrutbhai Purshottambhai Patel (As a Karta of Purshottambhai P Patel HUF)		100
Anal Amrutbhai Patel		66500
Dhaval Amrutbhai Patel		57500

Total		1250000

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 HDPE Pipes, Blowers, Storage Tanks etc.

Products :

Storage Tanks: HDPE and PP Spiral Storage Tanks and Vessels, Vertical Profile Tanks, Horizontal Profile Tanks, Rectangular Profile Tanks, Conical Bottom Profile Tanks, Moulding Tanks, etc
HDPE Pipes
PP Pipes (Polypropylene Pipes)
Pollution Control Equipments: HCL Recovery Systems, HDPE Scrubbers, PP FRP Scrubbers, Graphite Condensers, HDPE Heat Exchanger Ejector Systems, Recovery Systems, etc.
Blowers: PP FRP Blower, etc.

Item Code No.	Product Description
3917.00	HDPE PIPE
3925.10	HDPE Tank
8413.00	CI Pump

Exports :

Products :

HDPE Pipes, Blowers, Storage Tanks etc.

Countries :

Dubai

Imports :

Products :

Raw Materials

Countries :

Thailand

Terms :

Selling :

L/C, Cash, Credit (30 Days / 60 Days)

Purchasing :

L/C, Cash, Credit (30 Days / 60 Days)

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Scrubber, Blower, etc	Nos	NA	200	69
HDPE Tank	Nos	NA	500	447
HDPE/PP Pipes	Mtr	NA	300000	81834
Sleeves	Nos	NA	2000	1821

GENERAL INFORMATION

Suppliers :

· Accurate Trade link

· B.M.I industry

· Bahuchar Sales

· Deep Fabrication

· Dalta Electric

· Frp Equipments

· Gaytri Enterprises

· Gujarat Steel and Pipe

· H.R. Trading Company

· Jasubhai R. Patel

· Jay Somnathj Transport

· Hig Printer

· K B C Services

· Kohinoor Engineers

· Krishna Pipes and Fitting

· Krishna Traders

· Labdhi International

· Manekal and Sons

· Manish Trading Company

· Matangi Corporation

· New Power Sales and Services

· Nimi Steel Corporation

· Om Corporation

· P and D Engineer

Customers :

Wholesalers, Retailers and End Users

A one Chem
A. D. Gosal
Aastropure System private Limited
Akash Chem Limited
Akash life Science
Ambuja International Private Limited
Ambuja Solvex Private Limited
Avni Dye Chem International
B.R. Fibre Glass and Equipment
Bal Krishna textile Private Limited
Cabb Karnavati Rasayan
Camex Limited
Central Institute
Chemclone Industry
Dispo Dynemic Private Limited

No. of Employees :

180 (Approximately)

Bankers :

State Bank of India, Vatva I.E. Branch, Vatva GIDC, Ahmadabad – 382 445, Gujarat, India
HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India –Cash Credit	14.332	4.215
State Bank of India – Term Loan	17.134	16.497
HDFC Bank – Car Loan	0.423	0.000
Tata Finance Limited – Car Loan	0.021	0.096
Total	31.910	20.808

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	8.990	7.767
Total	8.990	7.767


Banking Relations :	---

Auditors :
Name :	K.P. Lakhani and Company Chartered Accountants
Address :	7, Ratnadeep, Near Old High Court, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-27543496 / 27485797
Mobile No.:	91-9825258622
PAN.:	AAHPL168L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1250000	Equity Shares	Rs.10/- each	Rs.12.500 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		12.500	12.500	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.190	10.709	2.579
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.690	23.209	12.579
LOAN FUNDS
1] Secured Loans		31.910	20.808	16.911
2] Unsecured Loans		8.990	7.767	7.172
TOTAL BORROWING		40.900	28.575	24.083
DEFERRED TAX LIABILITIES		0.901	0.725	0.146

TOTAL		72.491	52.509	36.808

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		37.188	40.186	23.212
Capital work-in-progress		7.941	0.042	6.576

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.268	10.536	7.201
	Sundry Debtors	7.804	5.248	4.806
	Cash & Bank Balances	4.180	3.290	1.196
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.227	6.161	3.482
Total Current Assets		38.479	25.235	16.685
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities		9.525	8.998
	Provisions	2.282	3.495	0.759
Total Current Liabilities		11.157	13.020	9.757
Net Current Assets		27.322	12.215	6.928

MISCELLANEOUS EXPENSES		0.040	0.066	0.092

TOTAL		72.491	52.509	36.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES TURNOVER		119.178	85.016	44.502

Less	EXPENSES
		Office Expenses	106.927`	73.346	43.927
		Administrative Expenses
		Advertising Expenses
		TOTAL	106.927	73.346	43.927

	PROFIT BEFORE TAX		12.251	11.670	0.575

Less	TAX		4.770	3.540	0.448

	PROFIT AFTER TAX		7.481	8.130	0.127

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.709	2.579	2.452

	BALANCE CARRIED TO THE B/S		18.190	10.709	2.579

	IMPORTS
		Raw Materials	27.735	20.104	Nil
	TOTAL IMPORTS		27.735	20.104	Nil

	Earnings Per Share (Rs.)		5.98	6.95	0.15

Expected Sales (2011-12) : Rs.200.000 Millions

The above information has been parted by Mr. Anal A. Patel

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.28	9.56	0.28

Net Profit Margin (PBT/Sales)	(%)	10.28	13.72	1.29

Return on Total Assets (PBT/Total Assets}	(%)	16.19	17.83	1.44

Return on Investment (ROI) (PBT/Networth)		0.40	0.50	0.04

Debt Equity Ratio (Total Liability/Networth)		1.70	1.79	2.69

Current Ratio (Current Asset/Current Liability)		3.44	1.93	1.71

LOCAL AGENCY FURTHER INFORMATION

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
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	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Operations:

The company has achieved sales turnover of Rs.119.178 millions during the year compared to previous year’s turnover of Rs.85.016 Millions. The sales turnover is increased by 40%. The company has made profit before tax Rs.12.251 Millions compared to earlier year’s profit before tax Rs.11.670 Millions.

Note:

The registered office of the company has been sifted from the” Phase III, Plot No.1224, G.I.D.C., Vatva, Ahmadabad, Gujarat, India to the present address w.e.f. 05.11.2011

Form 8

Corporate identity number of the company	U29120GJ1992PTC018470
Name of the company	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Phase III Plot No 1224 Gidcvatwa, Ahmedabad, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10049133
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Vatva I.E. Branch, Vatva, GIDC, Ahmedabad – 382445, Gujarat, India p.gangdev@sbi.co.in
Nature of instrument creating charge	1. Memorandum Relating to Deposit of title Deeds for Creation of Further Charge Dated .20-12-2010 Where the Initial Charge is Created on Dated 12-4-2007 by way of Mortgage by Deposit of Deeds. 2. Letter of Confirmation Dated 20-12-2010 All the above Executed by Jet Fibre Pumprs and Equipments Private Limited in Favour of State Bank of India, Vatva I.E. Branch, Ahmedabad
Date of instrument Creating the charge	20.12.2010
Amount secured by the charge	Rs.54.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : 1. The Interest on Working Capital Will be 5.50% Margin above the base Rate 7.60%. 2. The Interest on Term Loan will be 3.75% Margin above the base Rate 7.60%. 3. Penal Interest 1% To Maximum 2% Terms of repayment : 1. Working Capital Limits are Repayable on Demand Subject Annual Review. 2. The Existing Term Loan is Repayable as Existing Repayment Schedule (I.E. From January 2010 By 60 Monthly Installments of Rs.1 Lac Each First 30 Installments and next 30 Installments of Rs.0.167 millions). 3. The New Term Loan Rs.15.000 millions is Repayable by 60 Monthly Installments Each of Rs.2.50 Lac Commencing from April 2011. Margin : Items Margin % 1. Raw Materials 25% 2. Finished Goods 35% 3. Receivable 50% 4. Term Loan (New) 30% 5. Letter of Credit 25% Extent and operation of the charge : The Various Properties of the Company Specified in Item No.15 Here under are Charged by Jet Fibre Pumprs and Equipments Private Limited in Favour of State Bank of India, Vatva I.E. Branch, Ahmedabad as Security for Due Repayment of Various Credit Limits Amounting Rs.54.800 Millions Together with Interest, Penal Interest, Charge and Expenses
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Plant and Machineries and Entire Current Assets of the Company Situated at Plot No.1225, Vatva, Gidc, Phase-Iii Ncluding Book Debts 2. Commercial Property of the Company Situated at Block No.658, Mouje-Mahij, Dist: Kheda. Admeasuring Area 5868 Sq.Mtrs. 3. Commercial Property of the Company Situated at Plot No.1225, Vatva, Gidc, Phase-Ii Admeasuring Area 703 Sq.Mtrs 4. Commercial Property of the Company Situated at Plot No.555, Vatva, Gidc, Phase-Ii Admeasuring Area 618 Sq.Mtrs
Date of instrument modifying the charge	18.12.2010
Particulars of the present modification	The Company Admitted That The Benefit to The Bank of The Mortgage By Deposit of the Title Deeds Relating The Properties of the Borrower Created on Dated 12-04-2007 for Rs.23.000 millions As Security For Indebt ness of The Borrower To The Bank For All The Facilities Shall Continue To Remain Deposited With The Bank and Shall Also Cover for Indebt ness of The Enhanced Limit From Rs.34.134 millions to Rs.54.800 millions. The Various Credit Facilities After Said Enhancement are Amounting to Rs.54.800 millions.

Fixed Assets:

Land –GIDC
Land – Mahij
Building –GIDC
Building – Mahij
Plant – GIDC
Plant – Mahij
Electric Fittings
Furniture
Scooter
Car
Type Writter
Laboratory Instruct
Fax
Computer
Aircondioner
Television
Vaccum cleaner
Water system
Mobile
Dies and Patterns
Dead Stock

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.49.29
UK Pound	1	Rs.78.10
Euro	1	Rs.65.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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

18.268

10.536

7.804

5.248

4.180

3.290

0.000

0.000

8.227

6.161

38.479

9.525

2.282

3.495

11.157

13.020

27.322

12.215

6.28

9.56

10.28

13.72

16.19

17.83

0.40

0.50

1.70

1.79

3.44

1.93

Unit