1. Summary Information

		Country	India
Company Name	Nakoda Machinery Private Limited	Principal Name 1	Mr. Kamlesh Kanwarlal Jain
Status	Satisfactory	Principal Name 2	Mr. Jitendra Kanwarlal Jain
		Registration #	25-019071
Street Address	Raj Chambers, Kotta Stand, Ahmednagar – 414 001, Maharashtra, India
Established Date	31.03.2004	SIC Code	--
Telephone#	91-241-2353366/241	Business Style 1	Manufacturer
Fax #	91-241-2341452	Business Style 2	Exporter
Homepage	www.indusrocktool.com	Product Name 1	Rock Drilling Tools
# of employees	56 (Approximately)	Product Name 2	--
Paid up capital	Rs.5,466,000/-	Product Name 3	--
Shareholders	Directors or Relatives of Directors – 100%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	146,516,000	Current Liabilities	47,323,000
Inventories	80,072,000	Long-term Liabilities	135,088,000
Fixed Assets	32,295,000	Other Liabilities	6,255,000
Deferred Assets	0,000	Total Liabilities	188,666,000
Invest& other Assets	53,656,000	Retained Earnings	118,407,000
		Net Worth	123,873,000
Total Assets	312,539,000	Total Liab. & Equity	312,539,000
Total Assets (Previous Year)	265,054,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	415,814,000	Net Profit	20,127,000
Sales(Previous yr)	339,337,000	Net Profit(Prev.yr)	3,478,000

MIRA INFORM REPORT

Report Date :

16.05.2012

IDENTIFICATION DETAILS

Name :	NAKODA MACHINERY PRIVATE LIMITED
Registered Office :	Raj Chambers, Kotta Stand, Ahmednagar – 414 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2004
Com. Reg. No.:	25-019071
Capital Investment / Paid-up Capital :	Rs.5.466 Millions
CIN No.: [Company Identification No.]	U29259PN2004PTC019071
PAN No.: [Permanent Account No.]	AABCN9055E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporter of Rock Drilling Tools such as Crawler Drill, DTH Hammers, Rock Breaking Tools, Tunneling Tools, Hydraulic Rock Breaker Tools, Button Bits, Carbide Wear Parts etc.
No. of Employees :	Around 56 (38 Office, 18 Factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 490000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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 :	Raj Chambers, Kotta Stand, Ahmednagar – 414 001, Maharashtra, India
Tel. No.:	91-241-2353366/ 241/ 2327770/ 2417410
Mobile No.:	91-9422222355 (Mr. Jinesh) 91-9422222388 (Mr. Kamlesh. K. Jain)
Fax No.:	91-241-2341452
E-Mail :	kamlesh@irt.co.in nakoda_anr@sanchamet.in nagar@irt.co.in nakodaindia@gmail.com
Website :	www.indusrocktool.com www.indusrocktool.co.in
Area :	1200sq.fts
Location :	Owned
Head Office :	139, Patil Plaza, Saras Baug, Pune – 411 009, Maharashtra, India
Tel No.:	91-20-24224333
Corporate Office :	51, Sant Ramdas HSG Society, Santnagar, Off Satara Road, Pune – 411 009, Maharashtra, India
Tel. No.:	91-20-24224333/24231202
Fax No.:	91-20-24224333/2422333
E-Mail :	nakodapune@gmail.com sales@indusrocktool.com sales@irt.co.in
Area :	2500sq.fts
Location :	Owned
Warehouse :	Plot – D – 34, MIDC, Ahmednagar – 414 111, Maharashtra, India
Tel. No.:	91-241-2417412
Fax No.:	91-241-2417412
Area :	25000sq.fts
Location :	Owned
Factory :	Drill Division D-87, MIDC Industrial Area, Ahmednagar – 414 111, Maharashtra, India
Tel. No.:	91-241-2777148
Branch Office :	· No.99, 42^nd Cross, 8^th Block, Jayanagar, Bangalore – 560 070, Karnataka, India Tel No.: 91-80-22441726 Email : blr@irt.co.in · C-403, Swapana Sagar, C H S Balrajeshwar Road, Mumbai – 400 080, Maharashtra, India Tel No.: 91-22-25918279 · 11 Koshi Shoping Complex, Seven Hills, Jalna Road, Aurangabad – 431 001, Maharashtra, India Tel No.: 91-240-2350595 · No.462, Vazhadour Road, (Ground Floor), Muthirapaiayam, Pondicherry – 605009, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Kamlesh Kanwarlal Jain

Designation :

Director

Address :

4, Shivaji Housing Society, Rishabh Bunglow Near Dharmik Pariksha board, Ahmed Nagar – 414001, Maharashtra, India

Date of Birth :

01.07.1962

Qualification :

Graduate

Date of Appointment :

31.03.2004

DIN No.:

00571907

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	U29259PN2004PTC019071	Nakoda Machinery Private Limited	Director	31/03/2004	31/03/2004	-	Active	NO
2	U29100KA2010PTC053710	Vesta Equipments Private Limited	Director	18/05/2010	18/05/2010	3/11/2010	Active	NO

Name :

Mr. Jitendra Kanwarlal Jain

Designation :

Director

Address :

4, Shivaji Housing Society, Rishabh Bunglow Near Dharmik Pariksha board, Ahmed Nagar – 414001, Maharashtra, India

Date of Birth/Age :

11.04.1969

Qualification :

Graduate

Date of Appointment :

31.03.2004

DIN No.:

00571943

Name :

Mr. Kiran Kanwarlal Jain

Designation :

Director

Address :

4, Shivaji Housing Society, Rishabh Bunglow Near Dharmik Pariksha board, Ahmed Nagar – 414001, Maharashtra, India

Date of Birth/Age :

28.05.1971

Qualification :

B.E. (Mech), MBA

Date of Appointment :

31.03.2004

DIN No.:

00571982

Name :

Mrs. Rohini Kamlesh Jain

Designation :

Director

Address :

A – 4/5, Raj Chambers Kothala Stand, Ahmendnagar - 414001, Maharashtra, India

Date of Birth/Age :

03.03.1965

Qualification :

Post Graduate

Date of Appointment :

31.03.2004

DIN No.:

01736127

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kamlesh Jain	14200
Kiran Jain	14200
Jitendra Jain	14200
Rohini Kamlesh Jain	12060
Total	54660

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporter of Rock Drilling Tools such as Crawler Drill, DTH Hammers, Rock Breaking Tools, Tunneling Tools, Hydraulic Rock Breaker Tools, Button Bits, Carbide Wear Parts etc.
Products :	· Air Compressor · Carbide Wear Parts · Construction Tools · Hydraulic Rock Breakers · Rock Breaking Equipments · Air Compressors Spares · Chipping Hammers · Crawler Drill · Jack Hammers · Rock Drilling Equipments · Button Bits · Concrete Breakers · Crawler Drill Spares · Marble Beck Gammon
Brand Name :	INDUS

GENERAL INFORMATION

No. of Employees :

Around 56 (38 Office, 18 Factory) (Approximately)

Bankers :

· Axis Bank Limited,

Credit Management Centre, 214/214, City Mall, 2^nd Floor, Plot No. 1 S.No. 132, GaneshKhind, Pune – 411007, Maharashtra, India

· State Bank of Bikaner and Jaipur,

82/2A, Gaj Laxmi Society, Shakar Nagar 1, Opposite Shinde High School, Pune - 411009, Maharashtra, India

· Bank of Baroda

· HDFC Bank Limited

· Axis Bank Limited,

1262/B Sterling Plaza Ground Floor, Jangli Maharaj Road, Deccan Gymkhana, Pune – 411 004, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
SBBJ Term Loan ( Hundai Car Loan)	0.357	0.000
SBBJ (Honda Car Loan)	0.335	0.429
SBBJ (Indica Vista Loan)	0.223	0.363
SBBJ Ford Figo Car Loan	0.417	0.000
Bank of Baroda ( Innova Car)	0.127	0.418
Bank of Baroda ( Swift VDI E)	0.088	0.255
Axis Bank ( Term Loan)	3.878	4.882
Axis Bank (Windmill Loan)	73.746	51.712
Axis Bank ( Buyers Credit) A'nagar	13.479	0.000
Axis Bank ( Buyers Credit) A'nagar	0.006	0.000
Jitendra BOB Bank ( C/C) A'Nagar	0.001	0.000
Kamlesh Axis Bank ( C/C) A'nagar	0.021	0.000
Kamlesh Axis Bank ( C/C) Pune	0.020	0.000
Rohini Axis Bank ( C/C) Pune	0.002	0.000
Sameer Axis Bank ( C/C) Pune	0.009	0.000
Total	92.709	58.059

Unsecured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
From Directors	17.950	30.105
From Directors Relatives, Members and Others	24.429	16.196
Total	42.379	46.301

Banking Relations :	--
Auditors :
Name :	M.S. Barmecha and Company Chartered Accountants
Address :	201/B, Mutha Chambers, Market Yard Road, Ahmednagar – 414 001, Maharashtra, India
Tel. No.:	91-241-2417522
PAN.:	AEHPB8677D

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54660	Equity Shares (including 29745 equity shares issued as bonus shares)	Rs.100/- each	Rs.5.466 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		5.466	5.466	5.466
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		118.407	98.008	94.592
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		123.873	103.474	100.058
LOAN FUNDS
1] Secured Loans		92.709	58.059	26.653
2] Unsecured Loans		42.379	46.301	34.275
TOTAL BORROWING		135.088	104.360	60.928
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		258.961	207.834	160.986
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.295	79.761	54.311
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		53.656	25.530	29.905
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.072	61.386	49.972
	Sundry Debtors	114.617	79.248	38.671
	Cash & Bank Balances	18.916	11.616	14.397
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.983	7.513	11.678
Total Current Assets		226.588	159.763	114.718
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		45.899	24.151
	Current Liabilities	47.323	6.763	11.673
	Provisions	6.255	4.558	2.124
Total Current Liabilities		53.578	57.220	37.948
Net Current Assets		173.010	102.543	76.770
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		258.961	207.834	160.986

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	415.814	339.337	237.850
		Other Income
		TOTAL	415.814	339.337	237.850
Less	EXPENSES
		Office Expenses	386.181	334.504	203.496
		Administrative Expenses
		Advertising Expenses
		TOTAL	386.181	334.504	203.496
	PROFIT BEFORE TAX		29.633	4.833	34.354
Less	TAX		9.506	1.355	10.581
	PROFIT AFTER TAX		20.127	3.478	23.773
	BALANCE CARRIED TO B/S		20.127	3.478	23.773
	IMPORTS
		Raw Materials	133.642	100.195	93.387
	TOTAL IMPORTS		133.642	100.195	93.387
	Earnings Per Share (Rs.)		368.22	63.63	434.92

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.84	1.02	9.99
Return on Total Assets (PBT/Total Assets}	(%)	11.45	2.02	20.32
Return on Investment (ROI) (PBT/Networth)		0.24	0.05	0.34
Debt Equity Ratio (Total Liability/Networth)		1.52	1.56	0.99
Current Ratio (Current Asset/Current Liability)		4.23	2.79	3.02

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

OPERATING REVIEW

The Directors are confident that the Company will continue to maintain its good quality of product and Directors are optimistic for a bright future of the Company.

CONTINGENT LIABILITIES NOT ACKNOWLEDGED AS DEBTS

Bank Guarantees – Rs.0.228 Million

Bankers Charges Report as per Registry

Corporate identity number of the company	U29259PN2004PTC019071
Name of the company	NAKODA MACHINERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Raj Chambers, Kotta Stand, Ahmednagar – 414001, Maharashtra, India Email : kamlesh@irt.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10203850
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Axis Bank Limited, Credit Management Centre, 214/214, City Mall, 2^nd Floor, Plot No. 1 S.No. 132, GaneshKhind, Pune – 411007, Maharashtra, India Email : Niranjan.Sonawane@axisbank.com
Nature of instrument creating charge	1)Supplemental Deed of Hypothecation 2)Supplementary cum Link Document for re schedulement of Limit 3) Sanction Letters (All the documents executed for a single modification)
Date of instrument Creating the charge	29.12.2011
Amount secured by the charge	Rs.172.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Agreement with the Bank Terms of repayment As per Agreement with the Bank Margin As per Agreement with the Bank Extent and operation of the charge Details of Facilities (Rs. in Millions): CC 10.000, TL I 25.000 ,TL II 10.000 ,TL III 30.000 ,TL IV 30.000 ,Letter of Credit (Inland/Import) 575,LC(Inland/Import), Buyer's Credit/BG for Buyer's Credit (Sub limit of LC limit) (40.000), LER(sub limit of LC Limit)(50)Bank Guarantee (Sub-limit of LC Limit)(10.000), Adhoc LC 10.000, Total Rs.172.500 Millions. One way interchangebilty from CC to LC upto Rs.10.000 Millions permited. Exclusive charge of Axis Bank on hypothecated and mortgaged assets and charge shall continue till full repayment of Loan
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of (A)All tangible movable machinery, plant and machinery, fixtures, fittings, other installation, cranes, furniture, computers and other accessories, vehicles together with spares, tools, accessories, and all other articles (B) Whole of Movable Goods and assets, both present and future, all stocks of raw material, work in process, semifinished goods, finished goods, packing materials, consumable stores and spares (C)All the present and future book debts, outstanding monies, receivables, claims, bills, contracts, engagements and securities Mortgage of immovable properties of Company - Property A - All that piece and parcel of the property bearing Plot No.D-87 in Ahmednagar Industrial Area of MIDC within the Village Limits Nagapur and outside the limits of Municipal Corporation Taluka and Dist. Ahmednagar containing by adm.9117 Sq.Mtrs. or thereabouts alongwith factory building and other structures constructed/to be constructed thereon and the said Plot. Property B - In Tirupur Regn.Dist., Palladam Sub-Regn. Dist., Tirupur Taluk, Kattur Village,S.F.No.367 adm.8.655 acres(Hec.3.50.5)out of which 1.20 Acres of Dry Land. In the midst 1.20 Acres(Hec.0.48.5) togetherwith pathway which enters through SF No.210N-S Itteri and proceeds in the middle of SF No.371/1B and it continues in 371/1A northern side end through SF No.370 Northern Portion and passes through 7 meter wide passage in SF No.369 and reaches SF No.O.367 and other Carttracks. Mortgage of immovable property of Kamlesh Jain, Director of the Company – All that piece of Property bearing Residential Bunglow totally adm.772 Sq.Fts. Built up area, constructed on the Land bearing Plot No.51 of Sant Ramdas Sahkari Grih Rachana Sanstha Maryadit, situated on the land bearing S.No.55 and 56/1,corresponding C.T.S.No.3608, adm. about 196 Sq.Mtrs. situated at Parvati, Pune -411009,Taluka Pune City, District Pune Deposition of FDR of Rs.100.000 Millions in the name of the Company and lien over the same.
Date of instrument modifying the charge	29.06.2011
Particulars of the present modification	Company has availed Adhoc Letter of Credit (LC) Facility of Rs.10.000 Millions. Charge on hypothecated assets extended to secure total facilities of Rs.172.500 Millions. Buyer's Credit Limit enhanced from Rs.20.000 Millions to Rs.40.000 Millions as a sublimit of LC. One way interchangeability from Cash Credit(CC) to Letter of Credit(Inland/Import) upto Rs.10.000 Millions. Total facilities of Rs.172.500 Millions stands secured.

FIXED ASSESTS

· Land Development

· MIDC Shed

· Wind Mill

· Plant and Machinery

· Pattern and Dies

· Tools and Trackles

· Electrical Installation

· Furniture and Fixtures

· Inventor

· Fax Machine

· E.P.A.B.X.

· Telephone and Mobile

· Computer

· Motor Cycle

· Vehicle (Cars)

· Cycle

· Wind Mill Project

· Agri Land at Pangra

· Land

· Windmill Land

· Factory Building

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.53.84
UK Pound	1	Rs.86.72
Euro	1	Rs.69.17

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.