MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Principal Name 1	Mr. Francisco Joes Riberas Mera
Status	Moderate	Principal Name 2	Mr. Juan Maria Riberas Mera
		Registration #	--
Street Address	E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge, Kharabwadi, Thaluka Khed, Chakan – 410501, Maharashtra, India
Established Date	16.05.2008	SIC Code	--
Telephone#	91-2135-396302 / 396300	Business Style 1	The Company is engaged in the manufacture of press stamped parts for automobiles.
Fax #	--	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	250	Product Name 2	--
Paid up capital	Rs.30,892,000	Product Name 3	--
Shareholders	Gestamp Polska, SP, Z. O. O., Poland - 1544595	Banking	BNP Paribas
Public Limited Corp.	--	Business Period	04 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	B
Related Company
Relation Subsidiary	Country Spain	Company Name	Gestamp Servicios, S.L
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,630,817,000	Current Liabilities	1,692,189,000
Inventories	685,281,000	Long-term Liabilities	4,854,868,000
Fixed Assets	4,058,401,000	Other Liabilities	--
Deferred Assets	--	Total Liabilities	6,547,057,000
Invest& other Assets	10,843,000	Retained Earnings	1,232,621,000
		Net Worth	838,285,000
Total Assets	7,385,342,000	Total Liab. & Equity	7,385,342,000
Total Assets (Previous Year)	6,943,225,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	2,627,022,000	Net Profit	(338,411,000)
Sales(Previous yr)	667,557,000	Net Profit(Prev.yr)	(86,817,000)

MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED

Registered Office :	E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge, Kharabwadi, Thaluka Khed, Chakan – 410501, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	16.05.2008

Com. Reg. No.:	11-132030

Capital Investment / Paid-up Capital :	Rs.30.892 Millions

CIN No.: [Company Identification No.]	U28990PN2008FTC132030

TAN No.: [Tax Deduction & Collection Account No.]	PNEG08517F

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is engaged in the manufacture of press stamped parts for automobiles.

No. of Employees :	250 ( in office) Approximately

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 3350000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears some accumulated losses 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 with some caution.

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 DECLINED BY

Name :	Mr. Rathod
Designation :	Chief Executive Officer

LOCATIONS

Registered Office / Factory :	E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge, Kharabwadi, Thaluka Khed, Chakan – 410501, Maharashtra, India
Tel No.:	91-2135-396302 / 396300
E-Mail :	sdas@in.gestamp.com
Website :	http://www.in.gestamp.com
Area :	10000 sq. fts
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Francisco Joes Riberas Mera

Designation :

Director

Address :

Calle Alfonso XII – 16, Madrid, Spain - 28014

Date of Birth/Age :

01.06.1964

Date of Appointment :

16.05.2008

DIN :

01732230

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	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	1/10/2007	10/12/2010	Active	NO
2	U29248PN2004PTC136969	GESTAMP SERVICES INDIA PRIVATE LIMITED	Managing director	5/12/2011	28/04/2008	-	Active	NO
3	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
4	U27100PN2008FTC133001	GONVAUTO PUNE STEEL SERVICE CENTRE PRIVATE LIMITED	Director	4/11/2008	4/11/2008	-	Active	NO
5	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Director	29/09/2009	4/2/2009	-	Active	NO
6	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
7	U27105TN2005PTC057263	GESTAMP SUNGWOO HITECH (CHENNAI) PRIVATE LIMITED	Director	29/09/2009	31/07/2009	-	Active	NO
8	U40108MH2010FTC203703	GESTAMP SOLAR INDIA PRIVATE LIMITED	Director	4/6/2010	4/6/2010	-	Active	NO
9	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	-	Active	NO

Name :

Mr. Juan Maria Riberas Mera

Designation :

Director

Address :

Prolongacion De Embajadores S/N, Madrid – 28053

Date of Birth/Age :

06.10.1968

Date of Appointment :

16.05.2008

DIN :

02146671

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	U29248PN2004PTC136969	GESTAMP SERVICES INDIA PRIVATE LIMITED	Director	30/09/2008	28/04/2008	-	Active	NO
2	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
3	U27100PN2008FTC133001	GONVAUTO PUNE STEEL SERVICE CENTRE PRIVATE LIMITED	Director	4/11/2008	4/11/2008	-	Active	NO
4	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Nominee director	4/2/2009	4/2/2009	6/5/2009	Active	NO
5	U40108MH2010FTC203703	GESTAMP SOLAR INDIA PRIVATE LIMITED	Director	4/6/2010	4/6/2010	-	Active	NO
6	U28113GJ2011PTC064272	KALPATARU METFAB PRIVATE LIMITED	Additional director	2/12/2011	2/12/2011	-	Active	NO

Name :

Mr. Francisco Lopez Pena

Designation :

Director

Address :

Calle Buho, 7 Pozuelo De Alarcon, Madrid, Spain – 28223

Date of Birth/Age :

05.03.1959

Date of Appointment :

30.09.2009

DIN :

01790019

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	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	1/10/2007	29/04/2009	Active	NO
2	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Director	29/09/2009	4/2/2009	-	Active	NO
3	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	30/09/2009	24/03/2009	-	Active	NO
4	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
5	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	-	Active	NO

Name :

Mr. Alberto Conejo Moreno

Designation :

Director

Address :

Valle Del Pas, 26, 1B, Madrid, Spain – 28053

Date of Birth/Age :

28.08.1971

Date of Appointment :

30.09.2009

DIN :

02566225

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	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	30/09/2009	24/03/2009	-	Active	NO
2	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	15/07/2009	29/04/2009	10/12/2010	Active	NO
3	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Director	29/09/2009	4/5/2009	15/12/2011	Active	NO
4	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Director	30/09/2009	28/07/2009	1/12/2011	Active	NO
5	U27105TN2005PTC057263	GESTAMP SUNGWOO HITECH (CHENNAI) PRIVATE LIMITED	Director	29/09/2009	31/07/2009	15/12/2011	Active	NO
6	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	1/12/2011	Active	NO

KEY EXECUTIVE

Name :	Mr. Rathod
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders		No. of Shares
Gestamp Polska, SP, Z. O. O., Poland		1544595
Gonvarri Corporacion Financiera, S.L, Spain		1544595
Total		3089190

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the manufacture of press stamped parts for automobiles.

Products :

Products Description	ITC Code No.
Auto Component Parts	87060049

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Automobile Components	Nos.	NA	14691000	7281536

Notes :

a. Licensed Capacity not being applicable, has not been indicated

b. Installed Capacity has been certified by the Management and has been accepted as correct by the auditors without verification, this being a technical matter.

c. As manufactured components are intermediate production, in view of practical difficulties, the disclosure in relation to production and stock has not been furnished.

d. Production includes scrap/ rejections at quality and customer end.

GENERAL INFORMATION

No. of Employees :

250 ( in office) Approximately

Bankers :

BNP Paribas, Branch Pune

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other external commercial borrowings	[A]4576.176	4291.688
Interest accrued due other debt	[B]278.692	41.567
Total	4854.868	4333.255
(A) - Gonvarri Corporacion Financiera, S.L Rs 2291.940 millions - Gestamp Polska, SP.z.o.o Rs 2284.236 millions (B) Amount due within one year Rs. 278.692 millions


Banking Relations :	---

Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yervade (Near Don Bosco School), Pune – 411006, Maharashtra, India
Tel No.:	91-20-66036000
Fax No.:	91-20-66015900
PAN :	AALFS0506L / AABFS3421N

Subsidiary Company :	C P Vehicles Systems Private Limited, India Technical Automotive Stamping Limited, India Gestamp Servicios, S.L , Spain

Holding Company :	Gestamp Polska, SP.Z.O.O. AND Gonvarri Corporation Financiera S L

Ultimate Holding Company:	Corporacion Gestamp, S.L., Spain

Joint Venture Partners :	· Gestamp Polska, SP.Z.O.0, Poland · Gonvarri Corporacion Financiera, S.L., Spain

Fellow Subsidiaries :	· Estampaciones Metalicas Vizcaya S. A,, Spain Gestamp Palencia S. A., Spain Gestamp Servicios S.L., Spain Gonvarri I. Centero De Servicios S. L., Spain Solblank S. A., Spain Gestamp Vigo S.A., Spain Arcelor Mittal Flat Carbon Europe S.A, Luxembourg Gestamp Tooling Overseas Design (I) Private Limited, India CIN : U29248PN2004PTC136969 Sungwoo Gestalnp Hitech Chennai Limited, India CIN : U28910TN1997PLC047905 Matriceria Deusto S. L, Spain

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

4,999,998	Equity Shares	Rs.10/- Each	Rs.50.000Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,089,190	Equity Shares	Rs.10/- Each	Rs.30.892 Millions

Note : Of the above equity shares of Rs. 10/- each are held by Gestamp Polska SP Z.OO Poland and 1,544,595 equity shares of Rs. 10/- each Fully paid up held by Govarri Corporcion Financiera, S.L. Spain (Ultimate Holding Company).

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		30.892	30.892	10.900
2] Share Application Money (Pending Allotment)		0.000	0.000	240.967
3] Reserves & Surplus		1232.621	1232.621	415.999
4] (Accumulated Losses)		[425.228]	[86.817]	(2.889)
NETWORTH		838.285	1176.696	664.977
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4854.868	4333.255	0.000
TOTAL BORROWING		4854.868	4333.255	0.000
DEFERRED TAX LIABILITIES		0.000	36.150	0.000

TOTAL		5693.153	5546.101	664.977

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4058.401	4272.498	0.000
Capital work-in-progress		10.843	1.540	891.644

Project Development Expenditure		0.000	0.000	9.871

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	685.281	303.224	0.000
	Sundry Debtors	688.390	33.451	0.000
	Cash & Bank Balances	545.987	1346.605	129.977
	Other Current Assets	358.381	8.214	0.000
	Loans & Advances	1038.059	977.693	68.027
Total Current Assets		3316.098	2669.187	198.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1175.651	1231.791	420.891
	Current Liabilities	515.135	164.032	13.594
	Provisions	1.403	1.301	0.057
Total Current Liabilities		1692.189	1397.124	434.542
Net Current Assets		1623.909	1272.063	(236.538)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		5693.153	5546.101	664.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover			0.000
		Other Income			0.000
		TOTAL (A)	2627.022	667.557	0.000

Less	EXPENSES
		Project Development Expenditure Written Off			0.000
		Raw Material And Components Consumed	NA	NA	0.000
		Personnel Expenses			0.269
		Operating and Other Expenses			1.870
		Increase / Decrease in Stock			0.000
		TOTAL (B)	NA	NA	2.139

	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				(2.139)

Less	FINANCIAL EXPENSES (D)		NA	NA	0.730

	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.627	34.603	(2.869)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		404.188	82.375	0.000

	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		(374.561)	(47.772)	(2.869)

Less	TAX (H)		36.150	36.156	0.020

	PROFIT / [LOSS] AFTER TAX (G-H) (I)		(338.411)	(83.928)	(2.889)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(86.817)	(2.889)	0.000

	BALANCE CARRIED TO THE B/S		(425.228)	(86.817)	(2.889)

	IMPORTS
		Raw Materials and Components	1627.412	331.854	0.000
		Spares and Consumables	8.506	26.187	0.000
		Capital Goods	49.062	2368.019	373.230
	TOTAL IMPORTS		1684.980	2726.060	373.230

	Earnings Per Share (Rs.)		(109.55)	(31.21)	(10.78)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(12.88)	(12.57)	NA

Return on Total Assets (PBT/Total Assets}	(%)	(5.08)	(0.69)	(1.45)

Return on Investment (ROI) (PBT/Networth)		(0.45)	(0.04)	(0.00)

Debt Equity Ratio (Total Liability/Networth)		7.81	4.87	0.65

Current Ratio (Current Asset/Current Liability)		1.96	1.91	0.45

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NATURE OF OPERATIONS :

The Company was incorporated on May 16, 2008 and registered under the Indian Companies Act, 1956. The Company is jointly controlled by Gestamp Polska, SP.z.o.o, Poland and Gonvarri Corporacion Financiera, S.L. Spain, and its. ultimate holding company is Corporacion Gestamp S.L., Spain. In the previous period the entire share capital was held by Gestamp Polska, S P. z.o.o, Poland.

The Company is engaged in manufacturing of various auto components.

NOTE: Registered office address of the company has been shifted from C/o. C S Kelkar and Associates 279, Shivaji Nagar, Behind Congress House, Pune – 411005, Maharashtra, India to present w.e.f. 01.10.2009

FIXED ASSETS :

Plant and Machinery
Building
Computer Equipments
Furniture and Fixtures
Office Equipments
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.55.93
UK Pound	1	Rs.88.14
Euro	1	Rs.70.87

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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

685.281

688.390

545.987

358.381

1038.059

3316.098

515.135

1.403

1692.189

1623.909

Unit