MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED

Registered Office :	Almonte Software Park, Office No.101, 1^st Floor, Plot No.2, S No.8, Kharadi Village, Haveili, Pune-411020, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	09.04.2003

Com. Reg. No.:	11-131123

Capital Investment / Paid-up Capital :	Rs. 498.553 millions

CIN No.: [Company Identification No.]	U74210PN2003PTC131123

TAN No.: [Tax Deduction & Collection Account No.]	PNEZ01938G

PAN No.: [Permanent Account No.]	AAACZI758R

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in the business of designing, manufacturing, supply and erection of pre-engineered building and parts thereof.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears huge accumulated losses being recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings an a secured 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

LOCATIONS

Registered Office :	Almonte Software Park, Office No.101, 1^st Floor, Plot No.2, S No.8, Kharadi Village, Haveili, Pune-411020, Maharashtra, India
Tel. No.:	91-20-305853000
Fax No.:	91-20-305532000
E-Mail :	gandhitayoun@pune.zamilsteel.com

Godown :	Plot No B- 32/2 ,MIDC Ranjangaon, Village Dhoksangan Taluka: Shirur District Pune, Maharashtra, India

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Nandakumar Vaidyanathan Sundaresan

Designation :

Director

Address :

81-B, Kamaraj Avenue, 2^nd Street, Adyar, Chennai-600020, Tamil Nadu, India

Date of Birth/Age :

18.06.1953

Date of Appointment :

09.04.2003

DIN No :

00367074

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	U74210TN2000PTC045992	ZAMIL STEEL ENGINEERING INDIA PRIVATE LIMITED	Director	28-09-01	28-09-01	Active	NO
2	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	09-04-03	09-04-03	Active	NO
3	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	20-07-05	20-07-05	Active	NO
4	U72900PN2007PTC130944	ZAMIL INFORMATION TECHNOLOGY GLOBAL PRIVATE LIMITED	Director	01-11-07	01-11-07	Active	NO

Name :

Mr. Khaled Rouf Mohamed Ezzat

Designation :

Director

Address :

5, Horaya Street, Off Al Nasr st, New Maadi, Egypt-014

Date of Birth/Age :

09.12.1962

Date of Appointment :

10.11.2005

DIN No :

01899319

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	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO
2	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	10-11-05	10-11-05	Active	NO
3	U74210TN2000PTC045992	ZAMIL STEEL ENGINEERING INDIA PRIVATE LIMITED	Director	01-03-09	01-03-09	Active	NO

Name :

Mr. Tayoun Badoui Gandhi

Designation :

Director

Address :

754/16, Adamally Place, Colombo, Srilanka-04

Date of Birth/Age :

17.12.1960

Date of Appointment :

17.09.2007

DIN No :

02098370

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	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	17-09-07	17-09-07	Active	NO
2	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	31-01-08	31-01-08	Active	NO
3	U74120DL2008PTC175696	ZAMIL NEW DELHI INFRASTRUCTURE PRIVATE LIMITED	Director	19-09-09	10-10-08	Active	NO

Name :

Mr. Al Zamil Khalid Abdullah

Designation :

Director

Address :

P.O. Box 877, Dammam-31421, Saudi Arabia

Date of Birth/Age :

10.05.1948

Date of Appointment :

15.09.2005

DIN No :

02236024

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	U74210TN2000PTC045992	ZAMIL STEEL ENGINEERING INDIA PRIVATE LIMITED	Director	18-11-00	18-11-00	Active	NO
2	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	15-09-05	15-09-05	Active	NO
3	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	15-09-05	15-09-05	Active	NO

Name :

Mr. Al Mansoor Adnan Abdulrahman

Designation :

Director

Address :

P.O. Box 877, Dammam-31421, Saudi Arabia

Date of Birth/Age :

31.01.1957

Date of Appointment :

09.07.2005

DIN No :

02236029

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	Defaul ting status
1	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO
2	U74210TN2000PTC045992	ZAMIL STEEL ENGINEERING INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO
3	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO

Name :

Mr. Mohamed Nabag Elamin Idris

Designation :

Director

Address :

P.O. Box 877, Dammam-31421, Saudi Arabia

Date of Birth/Age :

08.02.1948

Date of Appointment :

15.09.2003

DIN No :

02236049

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	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO
2	U74210TN2000PTC045992	ZAMIL STEEL ENGINEERING INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO
3	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	09-07-05	09-07-05	Active	NO

Name :

Mr. Al Zamil Nawaf Mohammed

Designation :

Director

Address :

P.O. Box 877, Dammam-31421, Saudi Arabia

Date of Birth/Age :

01.08.1971

Date of Appointment :

29.07.2008

DIN No :

02236064

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	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	29-07-08	29-07-08	Active	NO
2	U74120DL2008PTC175696	ZAMIL NEW DELHI INFRASTRUCTURE PRIVATE LIMITED	Director	19-09-09	10-10-08	Active	NO
3	U74210TN2000PTC045992	ZAMIL STEEL ENGINEERING INDIA PRIVATE LIMITED	Director	01-05-09	01-05-09	Active	NO
4	U74210PN2003PTC139468	ZAMIL CONSTRUCTION INDIA PRIVATE LIMITED	Director	30-09-09	02-07-09	Active	NO
5	U72900PN2007PTC130944	ZAMIL INFORMATION TECHNOLOGY GLOBAL PRIVATE LIMITED	Director	30-09-09	02-07-09	Active	NO

Name :

Mr. Al Zamil Abdullah Mohammed

Designation :

Director

Address :

P.O. Box 877, Dammam-31421, Saudi Arabia

Date of Birth/Age :

07.01.1965

Date of Appointment :

29.09.2008

DIN No :

02236070

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	U72900PN2007PTC130944	ZAMIL INFORMATION TECHNOLOGY GLOBAL PRIVATE LIMITED	Director	15-07-08	15-07-08	Active	NO
2	U74210PN2003PTC131123	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED	Director	29-07-08	29-07-08	Active	NO
3	U74120DL2008PTC175696	ZAMIL NEW DELHI INFRASTRUCTURE PRIVATE LIMITED	Director	19-09-09	10-10-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachit Vivek Kalantre
Designation :	Secretary
Address :	142/162, Ganesh Apartment, Kasbapeth, Pune-411011, Maharashtra, India
Date of Birth/Age :	11.06.1984
Date of Appointment :	01.06.2010
PAN No :	BKQPK4682K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Zamil Industrial Investment Company, Saudi Arabia	49845340
Zamil Industrial Investment Emirates Company LLC, Saudi Arabia	10000

Total	49855340

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of designing, manufacturing, supply and erection of pre-engineered building and parts thereof.

Products :

ITC CODE	PRODUCT
94060099	Pre Engineered Buildings
73089090	Structure and Parts of Structure Made of Iron and Steel

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Fabricated Structural Products of Iron and Steel	MT	NA	36000	15242

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Hongkong and Sanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India

· Standard Chartered Bank

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
- Working capital demand loan from Standard Chartered Bank	250.000	0.000
- Cash Credit loan from Standard Chartered Bank [Both the above loans are secured by way of pari pasu charge on a. All present and future debts, outstanding receivables claim and bills b. All present and future stock in trade c. Corporate guarantee given by Zamil Industrial Investment Company, the Holding Company]	56.699	265.240
- Vehicles loan from ICICI Bank (Secured by hypothecation of the respective vehicles)	0.603	1.635
Total	307.302	266.875

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Long term (from other than banks)
External Commercial Borrowings [Payable within one year USD 3 million (p. y.: nil)]	547.080	759.600
Fully and Compulsorily Convertible Debentures [3810077 debentures (p. y. 3810077 debentures) of Rs. 100/- each with interest rate (labor+20%) convertible into 38100770 equity shares of Rs. 10 each at par in the year 2013]	381.008	381.008
Interest accrued and due on ECB	74.866	65.636
Interest accrued and due on FCCD	21.107	10.216
Total	1024.061	1216.460


Banking Relations :	--

Auditors :
Name :	B S R and Company Chartered Accountant
Address :	703, 7^th Floor, Godrej Castlemaine, Next to Ruby, All Clinic, Bund Garden Road, Pune-411001, Maharashtra, India

Ultimate Holding Company :	· Zamil Industrial Investment Company, Saudi Arabia

Fellow Subsidiaries of Holding Company:	· Zamil New Delhi Infrastructure Private Limited · Zamil Steel Industries, Saudi Arabia · Zamil Steel Engineering India Private Limited · Zamil Constructions India Private Limited · Zamil Steel Building Vietnam Company Limited, Vietnam · Zamil Information Technology Global Private Limited · PEB Steel Building Systems Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

55000000	Equity Shares	Rs.10/- each	Rs. 550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

49855340	Equity Shares	Rs.10/- each	Rs. 498.553 Millions

Note: (Out of the above shares 15192000 shares (Previous year; nil) have been issued in exchange of liability of 3 millions USD of External Commercial Borrowing)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		498.553	346.633	346.633
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(400.739)	(340.288)	(45.458)
NETWORTH		97.814	6.345	301.175
LOAN FUNDS
1] Secured Loans		307.302	266.875	341.479
2] Unsecured Loans		1024.061	1216.460	632.316
TOTAL BORROWING		1331.363	1483.335	973.795
DEFERRED TAX LIABILITIES		0.000	9.787	0.000

TOTAL		1429.177	1499.467	1274.970

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		962.028	999.323	812.202
Capital work-in-progress		100.141	75.760	32.371

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	15.354

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	263.753	332.618	244.834
	Sundry Debtors	175.621	49.903	30.592
	Cash & Bank Balances	8.388	3.881	7.805
	Other Current Assets	73.485	0.000	0.000
	Loans & Advances	200.901	189.118	185.782
Total Current Assets		722.148	575.520	469.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.755	94.057	86.227
	Other Current Liabilities	189.364	54.302	1.200
	Provisions	6.021	2.777	1.139
Total Current Liabilities		355.140	151.136	88.566
Net Current Assets		367.008	424.384	380.447

MISCELLANEOUS EXPENSES		0.000	0.000	34.596

TOTAL		1429.177	1499.467	1274.970

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	959.092	477.404	116.110
		Other Income	172.642	3.758	0.875
		TOTAL (A)	1131.734	481.162	116.985

Less	EXPENSES
		Cost of Sales	758.231	323.514	56.955
		Manufacturing Expenses	117.617	56.285	16.922
		Employee Expenses	96.785	99.803	30.415
		Administrative Expenses	116.767	87.230	36.647
		TOTAL (B)	1089.400	566.832	140.939

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.334	(85.670)	(23.954)

Less	FINANCIAL EXPENSES (D)		61.973	64.333	13.595

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(19.639)	(150.003)	(37.549)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.147	108.531	11.675

	PROFIT BEFORE TAX (E-F) (G)		(69.786)	(258.534)	(49.224)

Less	TAX (I)		NA	26.472	(14.792)

Less	PRIOR PERIOD EXPENSES		NA	9.824	0.000

	PROFIT AFTER TAX (G-I) (J)		NA	(294.830)	(34.432)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(45.457)	(11.025)

	BALANCE CARRIED TO THE B/S		NA	(340.287)	(45.457)

	EARNINGS IN FOREIGN CURRENCY
		Service Income	0.251	37.154	14.899
		Sale of Material	20.131	35.609	0.000
	TOTAL EARNINGS		20.382	72.763	14.899

	IMPORTS
		Raw Materials	92.597	6.234	93.505
		Stores & Spares	0.529	0.370	0.043
		Capital Goods	29.265	52.152	197.570
	TOTAL IMPORTS		122.391	58.756	291.118

	Earnings Per Share (Rs.)		(1.22)	(8.51)	(1.08)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	(61.27)	(29.43)

Net Profit Margin (PBT/Sales)	(%)	(7.28)	(54.15)	(42.39)

Return on Total Assets (PBT/Total Assets}	(%)	(4.14)	(16.42)	(3.79)

Return on Investment (ROI) (PBT/Networth)		(0.71)	(40.75)	(0.16)

Debt Equity Ratio (Total Liability/Networth)		17.24	259.14	3.53

Current Ratio (Current Asset/Current Liability)		2.03	3.81	5.30

LOCAL AGENCY FURTHER INFORMATION

OPERATION

The company has achieved a turnover INR 959.092 millions as against INR 407.138 during the previous financial year.

BACKGROUND AND NATURE OF OPERATIONS

Subject was incorporated on 9 April 2003. It is a wholly owed subsidiary of Zamil Industrial Investment Company, Saudi Arabia. The company is engaged in the business of designing, manufacturing, supply and erection of Pre-Engineered Building and parts thereof. The Company’s corporate office is located in Pune and it has a manufacturing facility at Ranjangaon.

FORM 8

Corporate identity number of the company	U74210PN2003PTC131123
Name of the company	ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Almonte Software Park, Office No.101, 1^st Floor, Plot No.2, S No.8, Kharadi Village, Haveili, Pune-411020, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Hongkong and Sanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Deed Of Hypothecation For Stocks And Receivables Dated 29/03/2011
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs. 550.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Subject to change after giving prior notice to the company and as mutually agreed from Time to time by both the parties Terms of repayment As per the sanction letter and as mutually agreed between bank and company. Margin Subject to change after giving prior notice to the company and as per the sanction letter. Extent and operation of the charge Till The Full And Final Settlement
Short particulars of the property charged (Including location of the property)	All of the above and all the borrower’s stock in trade both present and future, Including stock of raw material , work in progress , spares and stores and finished Goods whether stores In the borrower’s factory, godown or premises or in the godowns or premises of the Borrower, agent or representative or held in any bonded godown or ware house at Plot No B- 32/2 ,MIDC Ranjangaon, Village Dhoksangan Taluka: Shirur District Pune All the of the above and all the borrower’s present and future book debts, Outstanding monies, receivables, claims due and owing or which may at any time become Due and owing to the borrower in the Course of business by any person firm, company or body corporate or by the Government department or office or any municipal or local or semi government body Or authority or any undertaking or projects In the public sector

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Computer

· Office Equipment

· Electrical Fittings

· Vehicles

· Computer 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.49.80
UK Pound	1	Rs.78.79
Euro	1	Rs.65.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		13

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

263.753

175.621

8.388

73.485

200.901

722.148

159.755

189.364

6.021

355.140

367.008

NA

(7.28)

(4.14)

(0.71)

17.24

2.03

Unit