MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	RAJASTHAN MECHANICAL WORKS LIMITED
Registered Office :	A-188 (B), Road No.6-D, V.K.I Area, Jaipur – 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.07.1995
Com. Reg. No.:	17-010428
Capital Investment / Paid-up Capital :	Rs.4.479 Millions
CIN No.: [Company Identification No.]	U34300RJ1995PLC010428
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Agricultural Implements in Various Size and Designs.
No. of Employees :	50 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

INFORMATION PARTED BY

Name :	Mr. Dinesh Gupta
Designation :	Director
Contact No.:	91-9829015492
Date :	16.02.2012

LOCATIONS

Registered Office/Factory :	A-188 (B), Road No.6-D, V.K.I Area, Jaipur – 302013, Rajasthan
Tel. No.:	91-141-2331549/2332239/5107430/2231654 / 4024423
Mobile No.:	91-9829015492 (Mr. Dinesh Gupta)
Fax No.:	91-141-2332631
E-Mail :	mail@computaxonline.com brahmpuri@hotmail.com brahmpuri@sancharnet.in brahmpuri@gmail.com
Website:	www.brahmpuri.com
Area :	3000 sq.ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Surendra Kumar Gupta
Designation :	Whole-time Director
Address :	6/380, Vidhyadhar Nagar, Jaipur-302023, Rajasthan, India
Date of Birth/Age :	50 Years
Qualification :	Graduate
Date of appointment:	20.07.1995
DIN No. :	00327330

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	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29-07-94	29-07-94	Active	NO
2	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24-11-09	20-07-95	Active	NO
3	U51311RJ1980PTC002136	GOMTI STAMPINGS PRIVATE LIMITED	Director	10-09-11	19-01-11	Active	NO

Name :	Mr. Mahendra Kumar Gupta
Designation :	Whole-time Director
Address :	6/380, Vidhyadhar Nagar, Jaipur-302023, Rajasthan, India
Date of Birth/Age :	54 Years
Qualification :	Graduate
Date of appointment:	20.07.1995
DIN No. :	01570197

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	U51311RJ1980PTC002136	GOMTI STAMPINGS PRIVATE LIMITED	Director	17-12-80	17-12-80	Active	NO
2	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29-07-94	29-07-94	Active	NO
3	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24-11-09	20-07-95	Active	NO

Name :	Mr. Dinesh Kumar Gupta
Designation :	Whole-time Director
Address :	F-301-302, Royal Plaza, Central Spine, Vidhyadhar Nagar, Jaipur-302023, Rajasthan, India
Date of Birth/Age :	46 Years
Qualification :	Graduate
Date of appointment:	20.07.1995
DIN No. :	00327306

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	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29-07-94	29-07-94	Active	NO
2	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24-11-09	20-07-95	Active	NO

Name :	Mr. Hemant Gupta
Designation :	Whole-time Director
Address :	T-5, Safair Anand, Plot No.101, Meera Marg, Bani Park, Jaipur, Rajasthan
Date of Birth/Age :	38 Years
Qualification :	Graduate
Date of appointment:	20.07.1995
DIN No. :	01885735

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	U51311RJ1980PTC002136	GOMTI STAMPINGS PRIVATE LIMITED	Director	01-01-93	01-01-93	Active	NO
2	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29-07-94	29-07-94	Active	NO
3	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24-11-09	20-07-95	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mahendra Kumar Gupta	28000
Surendra Kumar Gupta	65000
Dinesh Kumar Gupta	81000
Hemant Gupta	13500
Shashi Gupta	121200
Manju Gupta	21290
Gomti Devi	93420
Brahampuri Steels Limited, India	100
Kalpna Gupta	230
Jagan Nath Gupta	100
Gomti Stampings Private Limited, India	100
Seema Gupta	950
Mahendra Kumar Gupta (HUF)	100
Surendra Kumar Gupta	100
Parul Alloys (Private) Limited, India	20000
Santosh Gupta	2800
Total	447890

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	94.50
Other top fifty shareholders	4.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Agricultural Implements in Various Size and Designs.

Products :

• Spring Loaded Tiller
• Heavy Duty Spring Loaded Tiller
• Leveller
• Seeding Attachment
• Offset Disc Harrow (Mounted Type)
• Disc Plough
• Reversible 2 Furrow Disc Plough
• Animal Driven Implements
• Others
• Trailer and Agricultural Implements Parts

Items Code No. (ITC Code)	Product Description
1002.06	Agriculture Implements

Brand Names:

Brahmpuri

Exports :

Product :

· Agriculture Implements

Countries :

· Asian

· African Countries

Terms :

Selling :

Cash and Credit (30 Days and 60 days)

Purchasing :

L/C, Cash and Credit (30 days and 60 days)

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Agriculture Implements and parts	Nos.	4229

GENERAL INFORMATION

Suppliers :

· Agarwal Enterprises

· Allied Agro Aids

· AR Steel Traders

· Guneet Agro Industries

· Laxmi Agro Cast Company

· Mangal Precision Products Private Limited

· Metal Cast

· Modern Agro Industries

· Satya Narain Mahawar and Company

· Universal Steel Discs Private Limited

Customers :

Wholesalers, Retailers and End Users

· Ashoka Disposal and Engineering Work

· Balaji Auto Tractors

· Balaji Auto World

· Bhajuratna Engg. and Sales Limited

· Choudhary Tractors

· East India Machine Company

· Emco Steel Traders,

· Harihar Sales Corporation

· Jagdamba AutoMobiles

· Khandelwal Auto Stores

· LCT Feeders private Limited

· National Agro Tech

· Rajashthan Machinery Mart private Limited

· Shiv Motors and Tractors

· Suraj Automobiles

No. of Employees :

50 (Approximately) (In Office + In Factory)

Bankers :

• State Bank of Bikaner and Jaipur, Jhotwara Industrial Area, Jaipur-302012, Rajasthan, India
• HDFC Bank

Facilities :

Secured Loans :	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
HDFC Car Loan (Hypothecation of car and personal guarantee of directors)	0.877	0.000
HDFC Car Loan (Hypothecation of car and personal guarantee of directors)	0.700	1.007
SBBJ SLC A/c	3.030	1.643
SBBJ Cash Credit A/c (Regular and Adhoc)	21.443	15.672
From State Bank of Bikaner and Jaipur (Secured by way of hypothecation of Raw Material Stock in process. Finished goods, Book Debts and Equitable Mortgages of Fixed Assets and Other Movable Assets of the company and personal guaranty of directors.)
Total	26.050	18.322

Unsecured Loans :	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Others	4.621	1.418
From Directors	7.991	0.911
Total	12.612	2.329

Banking Relations :	---
Auditors :
Name :	Gupta Rajiv and Associates Chartered Accountants
Address :	5, Neelkanth Nathmal JI KA Katla, Opposite Sanganeri Gate, Telephone Exchange, Jaipur-302003, Rajasthan, India
Tel. No.:	91-141-2609277 (15 Lines)
Fax No.:	91-141-2604883
E-Mail :	gra@computaxonline.com
Pan No.:	AABFG1505D
Memberships :	· Laghu Udyog Bharti · VKI Association · Engineering Export Promotion Council (EEPC)
Holding Companies:	· Brahampuri Steel Limited · Gomti Stamping Private Limited
Related Parties	· Gomti Industries

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/-each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
447890	Equity Shares	Rs.10/-each	Rs.4.479 Millions

Note:

Of the above, 420000 equity shares of Rs. 10/- each aggregating Rs. 4.200 millions were issued to promoters at the time of incorporation of company as the Company was incorporated under part IX of the Act. These are for other than cash

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		4.479	4.437	4.437
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.968	2.603	1.492
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.447	7.040	5.929
LOAN FUNDS
1] Secured Loans		26.050	18.322	7.215
2] Unsecured Loans		12.612	2.329	2.885
TOTAL BORROWING		38.662	20.651	10.100
DEFERRED TAX LIABILITIES		0.163	0.110	0.000
TOTAL		47.272	27.801	16.029
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.188	9.532	4.771
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.084	0.084	0.084
DEFERREX TAX ASSETS		0.000	0.000	0.072
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.480	11.945	7.438
	Sundry Debtors	6.048	6.002	2.539
	Cash & Bank Balances	1.442	0.896	0.765
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.231	5.082	2.618
Total Current Assets		39.201	23.925	13.360
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.043	3.429	0.054
	Other Current Liabilities	0.842	1.266	1.380
	Provisions	1.316	1.045	0.824
Total Current Liabilities		4.201	5.740	2.258
Net Current Assets		35.000	18.185	11.102
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		47.272	27.801	16.029

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	80.663	80.256	50.823
		Other Income	1.779	0.672	0.845
		TOTAL (A)	82.442	80.928	51.668
Less	EXPENSES
		Manufacturing Expenses	2.572	2.139	1.563
		Administrative Expenses	2.032	1.542	0.953
		Material Cost	68.900	63.837	42.469
		Increase/(Decrease) in Finished Goods	(7.150)	(0.057)	0.030
		Payment and provision for employees	6.062	5.078	2.515
		Selling Expenses	3.661	3.813	1.539
		Loss on sale of vehicles	0.281	0.144	0.000
		TOTAL (B)	76.358	76.496	49.069
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		6.084	4.432	2.599
Less	FINANCIAL EXPENSES (D)		3.032	1.695	1.512
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.052	2.737	1.087
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.672	0.418	0.307
	PROFIT BEFORE TAX (E-F) (G)		2.380	2.319	0.780
Less	TAX (I)		0.872	0.691	0.297
	PROFIT AFTER TAX (G-I) (J)		1.508	1.628	0.483
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.603	1.492	1.528
Less	APPROPRIATIONS
		Proposed Dividend	0.448	0.444	0.444
		Corporate Dividend Tax	0.073	0.073	0.075
	BALANCE CARRIED TO THE B/S		3.590	2.603	1.492
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.613	7.783	3.940
	TOTAL EARNINGS		3.613	7.783	3.940
	Earnings Per Share (Rs.)		3.42	3.68	1.10

Expected Sales (2011-2012) : Rs.130.000 Millions.

The above information has been parted by Mr. Dinesh Kumar Gupta.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.83	2.01	0.93
Net Profit Margin (PBT/Sales)	(%)	2.95	2.89	1.53
Return on Total Assets (PBT/Total Assets}	(%)	4.63	6.93	4.30
Return on Investment (ROI) (PBT/Networth)		0.28	0.33	0.13
Debt Equity Ratio (Total Liability/Networth)		5.07	3.75	2.08
Current Ratio (Current Asset/Current Liability)		9.33	4.17	5.92

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%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
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	No
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	--

OPERATION:

During the year the company did well. The directors expect that the company will achieve new heights in the ensuing year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U34300RJ1995PLC010428
Name of the company	RAJASTHAN MECHANICAL WORKS LIMITED
Address of the registered office or of the principal place of business in India of the company	A-188 (B), Road No.6D, V. K. l. Area, Jaipur-302013, Rajasthan, India E-mail : mail@computaxonline.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80011240
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of Bikaner and Jaipur, Jhotwara Industrial Area, Jaipur-302012, Rajasthan, India E-mail I.D.: sbbj10028@sbbj.co.in
Nature of instrument creating charge	1.Letter of aarrangement.SME-1 2.Supplemental Agreement of loan cum hypothecation.SME-4 3. Letter of confirmation for extension of mortgage by deposit of title deed. 4. Board Resolution.
Date of instrument Creating the charge	27.08.2010
Amount secured by the charge	Rs. 38.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest: on CC @ 2.75% above Base Rate i.e., 10.50% on CC limit against applicable rate of 4% above Base Rate i.e., 11.75% p..a For SLC and CCOD @ Additional 1% over regular WC facilities. Terms of repayment Repayable on demand Margin On Raw Material - 25% On SIP and FG - 25% On book debts (up to 90 days) - 40% On EPC (within CC) 25% On BG 15% by way of cash / STDR. (100% in case of disputed guarantee) Extent and Operation of the charge The charge will operate as first charge to the extent of Rs.38.000 millions to secure overall limits granted to company by the bank.CC (Hypo.) Rs.22.500 millions BD (within CC) (Rs.8.000 millions) Adhoc CCOD (within CC) (Rs.5.000 millions) Against Clearing within CC (Rs.2.500 millions) EPC/FBP (Within CC) (Rs.3.000 millions) SLC Rs.3.000 millions BG Rs.10.000 millions LC Rs.2.500 millions Total Rs.38.000 millions  Others As per banks norms.
Particulars of the property charged	First charge by way of hypothecation of all stocks of raw material, semi finished and finished goods, stock in process consumable goods, stores and spares, all present and future book debts, movable plant, machinery and all present and future current and fixed assets of the company to cover overall limits of Rs.38.000 millions granted to company by the bank. Equitable Mortgage is extended on immovable property of the company comprising land and building constructed or to be constructed, Fixed plant and machinery, erected or to be erected both present and future situated at Plot No. A-188-B, Road No. 6-D, VKI Area, Jaipur as a security to cover overall limits of Rs.38.000 millions granted to the company by the bank
Particulars of the present modification	By this modification limits has been enhanced from Rs.18.650 millions to Rs.38.000 millions and Em is also extended on immoveable property of the company situated at Plot No. A-188-B, Road No. 6-D, VKI Area, Jaipur. Limits as follow. CC (Hypo.) Rs.22.500 millions, BD (within CC) (Rs.8.000 millions) Adhoc CCOD (within CC) (Rs.5.000 millions) Against Clearing within CC (Rs.2.500 millions) EPC/FBP (Within CC) (Rs.3.000 millions) SLC Rs.3.000 millions BG Rs.10.000 millions LC Rs.2.500 millions Total Rs.38.000 millions

FIXED ASSTES:

• Land
• Building
• Plant and Machinery
• Electric Fitting
• Dies and Jigs
• Tools
• Office Equipments
• Furniture and Fixture
• Vehicles

COMPANY PROFILE:

The best agricultural implements made available under one roof offering excellent quality Spring Loaded Tiller, Heavy Duty Spring Loaded Tiller, Leveller, Seeding Attachment (Seed cum Fertilizer), Mounted Type Offset Disc Harrow, Mounted Disc Harrow, 9 Tine Rigid Tiller, Disc Plough, Automatic Disc Plough, etc.....

An Introduction

Subject part of the 'BRAHMPURI' group, was established in the year 1977 as a family owned partnership firm and was converted into a public limited company in 1995 under the chairmanship of Mr. Mahendra Kumar Gupta, who is a qualified Engineering graduate.

The company is engaged as a manufacturer, exporter and supplier of agricultural implements in various sizes and designs. Their brand 'BRAHMPURI' is a popular name among farmers and tractor dealers in India and neighboring countries.

They have been supplying their products to various tractor manufacturers in India as OE. They also export their products to various SAARC Nations, South Asia, Africa, Far East (Fiji), and Czech Republic in Europe.

Their products are as good as the original and conform to international standards.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.