MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	KIRAN UDYOG PRIVATE LIMITED

Registered Office :	27 - B/ 7, New Rohtak Road, New Delhi -110 005

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.01.2000

Com. Reg. No.:	55-103175

Capital Investment / Paid-up Capital :	Rs. 82.834 Millions

CIN No.: [Company Identification No.]	U51399DL2000PTC103175

TAN No.: [Tax Deduction & Collection Account No.]	DELK04676A/ DELK03938E/ DELKO5302D

PAN No.: [Permanent Account No.]	AABCK4100H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers of Auto Parts.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2200000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The appears slight dips in profitability during the year 2011-2012. The external borrowings seems to be increasing over a year. However, general Financial position seems to be strong. The company recorded growth in its sales turnover during 2011-2012. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	Cash Credit
Rating	(ICRA) BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	Jan 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	27 - B/ 7, New Rohtak Road, New Delhi -110 005, India
Tel. No.:	91-11-25723237/ 25731887
Fax No.:	91-11-25728063
E-Mail :	kudie@nda.vsnl.net.in accounts4@kiranudyogindia.com
Website :	http://www.kiranudyogindia.com
Location :	Leased

Factory 1 :	Plot No. 14, Sector-3, IMT, Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4369534, 35, 36
Fax No.:	91-124-4369535
E-Mail :	mkt1@kiranudyogindia.com

Factory 2 :	Plot No. 32, Sector-3, IMT, Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4369510-17/ 4742400-600/ 4369507
Fax No.:	91-124-4369507
E-Mail :	mkt2@kiranudyogindia.com

Factory 3 :	Plot No. 147, Sector-4, IMT, Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4365095-99
Fax No.:	91-124-4369507
E-Mail :	mkt3@kiranudyogindia.com

Factory 4 :	Plot No.223-227, Narasopara Indl. Area, Narasopara, Karnataka-563133, Bangalore, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sppotdar@gmail.com
Website :	www.kiranudyogindia.com

DIRECTORS

As on : 29.09.2012

Name :

Mr. Sanjay Kumar Jain

Designation :

Whole-time Director

Address :

27-B/7, New Rohtak Road, New Delhi – 110 005, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

01.04.2012

PAN No.:

AAAPJ4672R

DIN No.:

00234791

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC042500	K U DIE CASTINGS PRIVATE LIMITED	Director	26/12/1990	26/12/1990	-	Active	NO
2	U51399DL2000PTC103175	KIRAN UDYOG PRIVATE LIMITED	Whole-time director	01/04/2011	10/01/2000	-	Active	NO
3	U27310DL2008PLC172581	MURTI UDYOG LIMITED	Director	01/06/2009	01/05/2009	09/02/2012	Active	NO
4	U34102DL2012PTC240620	UNICAST AUTOTECH PRIVATE LIMITED	Director	23/08/2012	23/08/2012	-	Active	NO

Name :

Mr. Rajiv Kumar Jain

Designation :

Whole-time Director

Address :

27-B/7, New Rohtak Road, New Delhi – 110 005, India

Date of Birth/Age :

31.08.1962

Date of Appointment :

01.04.2011

PAN No.:

AAJPJ1456G

DIN No.:

00234872

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC042500	K U DIE CASTINGS PRIVATE LIMITED	Director	26/12/1990	26/12/1990	-	Active	NO
2	U51399DL2000PTC103175	KIRAN UDYOG PRIVATE LIMITED	Whole-time director	01/04/2011	01/04/2007	-	Active	NO

Name :

Mr. Arvind Kumar Jain

Designation :

Whole-time Director

Address :

27-B/7, New Rohtak Road, New Delhi – 110 005, India

Date of Birth/Age :

21.06.1960

Date of Appointment :

01.04.2011

PAN No.:

AAAPJ4676M

DIN No.:

00234939

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC042500	K U DIE CASTINGS PRIVATE LIMITED	Director	26/12/1990	26/12/1990	-	Active	NO
2	U51399DL2000PTC103175	KIRAN UDYOG PRIVATE LIMITED	Whole-time director	01/04/2011	10/01/2000	-	Active	NO
3	U34102DL2012PTC240620	UNICAST AUTOTECH PRIVATE LIMITED	Director	23/08/2012	23/08/2012	-	Active	NO

Name :

Mr. Vivek Kumar Jain

Designation :

Whole-time Director

Address :

27-B/7, New Rohtak Road, New Delhi – 110 005, India

Date of Birth/Age :

23.08.1966

Date of Appointment :

01.04.2011

PAN No.:

AAAPJ4671N

DIN No.:

00234981

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC042500	K U DIE CASTINGS PRIVATE LIMITED	Director	26/12/1990	26/12/1990	-	Active	NO
2	U51399DL2000PTC103175	KIRAN UDYOG PRIVATE LIMITED	Whole-time director	01/04/2011	01/04/2007	-	Active	NO

Name :

Mrs. Rama Jain

Designation :

Director

Address :

27-B/7, New Rohtak Road, New Delhi – 110 005, India

Date of Birth/Age :

23.07.1963

Date of Appointment :

10.01.2000

PAN No.:

AAKPJ6674M

DIN No.:

00235041

Name :

Mrs. Monika Jain

Designation :

Director

Address :

27-B/7, New Rohtak Road, New Delhi – 110 005, India

Date of Birth/Age :

02.08.1971

Date of Appointment :

07.12.2006

PAN No.:

AALPJ6313N

DIN No.:

00235245

KEY EXECUTIVES

Name :	Mrs Sakshi Gupta
Designation :	Secretary
Address :	F3/3, Krishna Nagar, Delhi-110051, India
PAN No.:	BARPG0230N
Date of Appointment :	11.02.1987
Email:	Gupta.saksh101@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Shareholding details file attached

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	11.11
Directors or relatives of Directors	88.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Auto Parts.

Products:

Product Description	Item Code
Auto Parts	76169990

GENERAL INFORMATION

No. of Employees :

Not Availble

Customers:

· Honda Motorcycle and Scooter india

· Maruti Udyog Limited (Suzuki Venture)

· Suzuki Motorcycler India (Private) Limited, India

· Tata Motor Limited, India

· Denso India Limited, India

· Hero Motors Limited, India

· Hindustan Motors Limited, India

· Sundaram Brakes

· Delco Remy

· Yamaha Motors India Limited, India

· ZF Sachs Germany

· GE Motors

· Sona Koyo Steering Systems Limited, India

· Lucas Tvs

· Sigma Vibracoustic (Private) Limited, India

· Allied Nippon Limited, India

· Regal Beloit- U.S.A

· Daimler Chrysler – Germany

· Koyo Steering Systems - France

Bankers :

· Lakshmi Vilas Bank Limited, GF-8,9,10, Tolstoy House, #15-17, Tolstoy Marg, Janpath, New Delhi-110001, India

· ING Vysya Bank Limited, 23, Barakhamba Road, New Delhi-110001, India

· HDFC Bank Limited, India

· ICICI Bank Limited, India

· State Bank of India

· Jammu and Kashmir Bank Limited, India

· Barclays Bank

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)

Loan from Bank	159.621	187.551
Foreign Currency term loans	375.062	--
Term loans from Others	30.653	35.942
Long term maturities finance	22.691	36.129
Loan taken for vehicles	3.679	--
Working capital loan from Bank	585.046	372.345
Total	1176.752	631.967

Auditors :
Name :	A D Gupta and Associates Chartered Accountant
Address :	110, First Floor, Usha Kiran Building, Azadpur, Commercial Complex, Delhi
PAN No.:	ACCFS7597J

Related Parties:	· Arvind Kr Jain · Arvind Kr. Jain (HUF) · Duli Chand Bimal Prasad Jain · Monika Jain · Rajeev Kumar Jain · Rajeev Kumar Jain (HUF) · Rama Jain · Sanjay Kr Jain · Sanjay Kumar Jain (HUF) · Vivek Kumar Jain · Vivek Kumar Jain (HUF) · Sunita Jain · Lata Jain · Kiran Udyog · KK Udyog · Ku Die Casting Private Limited, India Cin No: (U74899DL1990PTC042500)

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs. 10/-each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8283488	Equity Shares	Rs.10/-each	Rs. 82.834 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		82.834	81.777	79.651
2] Share Application Money		0.000	9.454	54.860
3] Reserves & Surplus		483.725	401.152	296.648
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		566.559	492.383	431.159
LOAN FUNDS
1] Secured Loans		1176.752	631.967	464.810
2] Unsecured Loans		330.393	246.833	191.452
TOTAL BORROWING		1507.145	878.800	656.262
DEFERRED TAX LIABILITIES		55.816	32.973	34.986

TOTAL		2129.520	1404.156	1122.407

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1658.271	958.341	900.016
Capital work-in-progress		8.500	109.388	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	301.828	220.851	214.785
	Sundry Debtors	711.024	592.436	246.967
	Cash & Bank Balances	26.123	79.206	38.836
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	209.081	190.001	166.169
Total Current Assets		1248.056	1082.494	666.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	435.605	479.912	430.035
	Other Current Liabilities	322.605	243.609	58.742
	Provisions	27.097	22.546	14.643
Total Current Liabilities		785.307	746.067	444.678
Net Current Assets		462.749	336.427	222.079

MISCELLANEOUS EXPENSES		0.000	0.000	0.312

TOTAL		2129.520	1404.156	1122.407

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3629.000 (Approximately)	2844.562	1856.073
		Other Income	NA	181.444	15.410
		TOTAL	NA	3026.006	1871.483

Less	EXPENSES
		Cost of Goods	NA		1693.729
		Administrative Expenses	NA
		Advertising Expenses	NA
		TOTAL	NA	2929.178	1693.729

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	222.384	177.754

Less/ Add	DEPRECIATION/ AMORTISATION		NA	125.556	101.426

	PROFIT BEFORE TAX		NA	96.828	76.328

Less	TAX		NA	19.838	17.584

	PROFIT AFTER TAX		70.000 (Approximately)	78.976	59.277

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	327.053	248.077

	EARNINGS IN FOREIGN CURRENCY		NA	0.000	19.854

	IMPORTS
		Raw Materials	NA	379.761	135.094
		Capital Goods	NA	62.203	49.268
	TOTAL IMPORTS		NA	441.964	184.362

	Earnings Per Share (Rs.)		NA	8.11	7.44

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.93	2.77	3.19

Net Profit Margin (PBT/Sales)	(%)	0.00	3.20	4.08

Return on Total Assets (PBT/Total Assets}	(%)	0.00	4.74	4.87

Return on Investment (ROI) (PBT/Networth)		0.00	0.20	0.18

Debt Equity Ratio (Total Debt /Networth)		2.66	1.78	1.52

Current Ratio (Current Asset/Current Liability)		1.59	1.45	1.50

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	---------------------
22]	Litigations that the firm / promoter involved in	---------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

EXPANSION PROGRAM/ FUTURE OUTLOOK:

The company future outlook continues to remain strong and positive with a focus on exploring new growth opportunities. To continue the same vision the company has acquired 10 acres of land at Bawal, Haryana, for setting up of a new plant for manufacturing of Die Casting backward integration, which will boost the Sale as well as the profitability of the Company.

Bankers Charges Report as per Registry:

Corporate identity number of the company	U51399DL2000PTC103175
Name of the company	KIRAN UDYOG PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	27 - B/ 7, New Rohtak Road, New Delhi - 110 005, India E-Mail: accounts4@kiranudyogindia.com
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Yes bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India Email: delhicadmidoffice@yesbank.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation dated December 28, 2012
Date of instrument Creating the charge	28.12.2012
Amount secured by the charge	Rs. 105.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC: YES Bank Base Rate plus 3.50% per annum WCDL: YES Bank Base Rate plus 2.00% per annum SLC: Comm. @ 0.80% per annum ULC: Comm. @ 1.60% per annum BC: To be decide by the Lender Terms of Payments: Cash Credit (CC): Payable on demand Working Capital Demand Loan (WCDL): Bullet repayment at the end of the tenor Usance Letter of Credit (ULC) / Sight Letter of Credit (SLC) / Buyers Credit (BC): NA Margin: CC / WCDL: 15% of [Book Debts (not more than 90 days old) plus Stocks minus Creditors] ULC / SLC / BC: NA Extend and Operation of the Charge: First Pari Passu Charge on all the Current Assets of the Borrower (both present and future) Second Pari Passu Charge on all the Movable Fixed Assets of the Borrower (both present and future) (except those specifically charged to existing lenders) Others: 2THS
Short particulars of the property charged	1) First Pari Passu charge on whole of the Current Assets of the borrower's stock of raw material, semi finished & finished goods, stores & spares, bills receivable & book debts ( both present & future) 2) Second Pari Passu Charge on whole of the Movable Fixed Assets of the borrower (both present and future) except those exclusively charged to existing bankers located any where in India

UNSECURED LOANS:

Particulars	31.03.2012 Rs in Millions	31.03.2011 Rs in Millions
Borrowings	22.255	--
Borrowings	210.136	9.027
Loans from Directors	--	150.136
Loans and advance:
From others	70.780	50.780
From others	27.222	36.890
Total	330.393	246.833

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

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 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 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. 54.33
UK Pound	1	Rs. 82.72
Euro	1	Rs. 69.82

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

301.828

214.785

711.024

246.967

26.123

38.836

0.000

0.000

209.081

166.169

1248.056

435.605

430.035

322.605

58.742

27.097

14.643

785.307

444.678

462.749

222.079

1.93

0.00

0.00

0.00

2.66

1.59

Unit