MIRA INFORM REPORT

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	DIVYANSH STEEL PRIVATE LIMITED
Registered Office :	183, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.08.2006
Com. Reg. No.:	11-164127
Capital Investment / Paid-up Capital :	Rs. 70.000 Millions
CIN No.: [Company Identification No.]	U27109MH2006PTC164127
TAN No.: [Tax Deduction & Collection Account No.]	NGPD03629D
PAN No.: [Permanent Account No.]	AACCD4504B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Structural Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company is performing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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	CRISIL
Rating	Long Term Rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	12.09.2012

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 :	183, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra, India
Tel. No.:	91-712-2760894/ 2764239
Fax No.:	91-712-2760890
E-Mail :	divyansh_steel@rediffmail.com divyanshsteel@rediffmail.com mtcsteel_ngp@sancharnet.in
Location :	Owned
Factory :	60/62, Mouza Bhowari, 19 KM Stone, Bhandara Road, Nagapur, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Vishal Vimalkumar Agrawal

Designation :

Director

Address :

House No.283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

27.11.1979

Date of Appointment :

28.08.2006

PAN No.:

ABHPA7259D

DIN No.:

00498039

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	U13100MH2004PTC150048	HARIOM MINING PRIVATE LIMITED	Director	29/03/2005	29/03/2005	17/05/2011	Active	NO
2	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
3	U27100MH1996PTC097969	SHREE HARIOM ENGINEERING COMPANY PRIVATE LIMITED	Director	25/12/2006	25/12/2006	-	Active	NO
4	U40109MH2007PTC172064	RAMKRISHNA ENERGY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
5	U27200MH2007PTC172065	AVS METALS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO

Name :

Mr. Sandeep Vimalkumar Agrawal

Designation :

Director

Address :

House No.283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

01.03.1975

Date of Appointment :

28.08.2006

PAN No.:

ABHPA7169E

DIN No.:

00497998

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	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U27100MH1996PTC097969	SHREE HARIOM ENGINEERING COMPANY PRIVATE LIMITED	Director	25/12/2006	25/12/2006	-	Active	NO
3	U40109MH2007PTC172064	RAMKRISHNA ENERGY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
4	U27200MH2007PTC172065	AVS METALS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
5	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Additional director	02/02/2011	02/02/2011	-	Active	NO

Name :

Mr. Alok Vimalkumar Agrawal

Designation :

Director

Address :

House No.283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

20.07.1982

Date of Appointment :

28.08.2006

PAN No.:

AEAPA7602J

DIN No.:

00498019

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	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U27100MH1996PTC097969	SHREE HARIOM ENGINEERING COMPANY PRIVATE LIMITED	Director	25/12/2006	25/12/2006	-	Active	NO
3	U40109MH2007PTC172064	RAMKRISHNA ENERGY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
4	U27200MH2007PTC172065	AVS METALS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO

Name :

Mr. Vimalkumar Prahladrai Agrawal

Designation :

Director

Address :

283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

21.02.1954

Date of Appointment :

13.10.2008

PAN No.:

AAKPA1667R

DIN No.:

01430016

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	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	16/08/2001	16/08/2001	28/02/2008	Active	NO
2	U65910MH1995PLC167801	PARAMSHAKTI STEELS LIMITED	Director	06/04/2007	06/04/2007	14/03/2008	Active	NO
3	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Director	13/10/2008	13/10/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Sandeep Vimalkumar Agrawal	1399970
Vishal Vimalkumar Agrawal	1400000
Alok Vimalkumar Agrawal	1400000
Naresh Kanhaiyalal Jaisinghani	10
Geetikadevi Harsh Agrawal	10
Naginadevi Brijkishor Agrawal	10
Vinita Atul Gupta	150000
Shobha Umesh Maheshwari	990
Sonal Sandeep Agrawal	50000
Rachnadevi Raju Agrawal	850000
Sarojdevi Vimalkumar Agrawal	709000
Vimalkumar Prahladrai Agrawal	750000
Deepshikha Vishal Agrawal	50000
Gopiram Bhaniram Agrawal	130000
Ashish Gopiram Agrawal	110000
Atul Sureshkumar Gupta	10
Total	7000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	97.85
Other top fifty shareholders	2.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Structural Steel.

PRODUCTION STATUS As on 31.03.2012

Particulars	Unit	Actual Production
Electricity	Units	78.72
Coal	MT	0.152

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, MCB, Surya Nagar, Kalmana Road, Nagpur – 440035, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks	17.866	28.443
Rupee term loans from others (Against hypothecation of Indigo Car)	0.000	0.085
Loans repayable on demand from banks	149.194	149.389
Total	167.060	177.917

Banking Relations :	--
Auditors :
Name :	Loya Bagri and Company Chartered Accountant
Address :	Popular Market, Gandhi Bagh, Nagpur – 440002, Maharashtra, India
Tel. No.:	91-712-2762408/ 2766229/ (R) 2233359 (L), 2248894 (B)
E-Mail :	Loyabagri_ngp@bsnl.in
PAN.:	AAAFL2608P
Concern in which parties has control or Significant influence :	· Shree Hariom Engineering Company Private Limited · Mahalaxmi Trading Corporation

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 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		70.000	60.000	60.000
2] Share Application Money		0.000	10.000	0.000
3] Reserves & Surplus		70.692	51.266	18.668
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		140.692	121.266	78.668
LOAN FUNDS
1] Secured Loans		167.060	177.917	164.275
2] Unsecured Loans		83.790	86.863	179.784
TOTAL BORROWING		250.850	264.780	344.059
DEFERRED TAX LIABILITIES		4.804	4.036	3.863
TOTAL		396.346	390.082	426.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.664	77.196	86.064
Capital work-in-progress		4.812	11.454	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	202.641	166.411	214.693
	Sundry Debtors	60.437	99.525	124.389
	Cash & Bank Balances	41.120	31.439	6.563
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.104	50.463	29.163
Total Current Assets		359.302	347.838	374.808
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.242	11.800	16.096
	Other Current Liabilities	29.181	18.506	11.136
	Provisions	7.009	16.100	7.050
Total Current Liabilities		60.432	46.406	34.282
Net Current Assets		298.870	301.432	340.526
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		396.346	390.082	426.590

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1147.136	1081.845	783.028
		Other Income
		TOTAL (A)	1147.136	1081.845	783.028
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1052.987	968.006	686.152
		Advertising Expenses
		TOTAL (B)	1052.987	968.006	686.152
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.149	113.839	96.876
Less	FINANCIAL EXPENSES (D)		59.458	53.667	43.559
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.691	60.172	53.317
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.487	11.033	13.772
	PROFIT BEFORE TAX (E-F) (G)		24.204	49.139	39.545
Less	TAX (H)		7.794	16.542	10.916
	PROFIT AFTER TAX (G-H) (I)		16.410	32.597	28.629
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.266	18.669	(9.960)
	BALANCE CARRIED TO THE B/S		67.676	51.266	18.669
	Earnings Per Share (Rs.)		2.35	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.43	3.01	3.66
Return on Total Assets (PBT/Total Assets}	(%)	5.36	11.56	8.58
Return on Investment (ROI) (PBT/Networth)		0.17	0.41	0.50
Debt Equity Ratio (Total Debt /Networth)		1.78	2.18	4.37
Current Ratio (Current Asset/Current Liability)		5.95	7.49	10.93

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	No
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	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)	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27109MH2006PTC164127
Name of the company	DIVYANSH STEEL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	183, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra, India divyanshsteel@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10086788
Type of charge	· Immovable property · Book Debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Punjab National Bank, MCB, Surya Nagar, Kalmana Road, Nagpur – 440035, Maharashtra, India bo4204@pnb.co.in
Nature of instrument creating charge	1. Hypothecation of movable assets forming part of fixed / block assets 2. Hypothecation of goods and book debts to secure cash credit facility 3. Hypothecation of Assets to secure Term Loan 4. Term Loan Agreement 5. Deed of hypothecation to secure ILC on DA/DP basis 6. Letter of Continuity
Date of instrument Creating the charge	06.06.2012
Amount secured by the charge	Rs. 263.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Working Capital: @14.25% p.a. with monthly rests. Term Loan: @14.75% p.a. with monthly rests. Terms of Repayment: Working Capital: On Demand Term Loan: Term Loan is to be repaid in 39 equal monthly installments of Rs. 0.975 Millions each. No moratorium period will be given. First installment will be payable after one month from the date of first disbursement. Interest as and when applied will be serviced. Margin: 25% - Stocks, 40% - Book Debts, 15% - ILC and 25% or difference between cost of project and T/L whichever is higher - Term Loan. Extent and Operation of the charge: Existing credit facilities of Rs. 258.600 Millions enhanced to Rs. 263.600 Millions by addition of fresh Term Loan of Rs. 5.000 Millions. The said facility secured by: 1) First charge by way of hypothecation of entire current assets of the Company. 2) Second charge by way of hypothecation of fixed / block assets of the Company. 3) First charge by way of extension of EM of factory land and Building at PH No.21, S. No. 60 Adm 1.07 hect. and S. No. 62/1 Adm. 2.01 hect. at Mouza Bhowari, Tah. Kamptee, District Nagpur.
Particulars of the property charged	· Hypothecation of stock of raw material, stock-in-process, semi-finished and finished goods, goods in transit, stores, spares, tools viz. Iron and Steel products · Hypothecation of entire book debts, outstanding decrees, money receivables, Government subsidies, claims, bill contracts and investments etc, Plant and Machinery, fixtures and furniture and other assets of the Company. · Extension of EM of factory land and bldg at P H No.21, Survey No. 60 adm 1.07 hector and Survey No. 62/1 adm. 2.01 hector (total area 30800 sq. mtrs.) at Mouza Bhowari, Tah. Kamptee, District Nagpur.
Date of instrument modifying the charge	09.08.2010
Particulars of the present modification	Existing credit facilities of Rs. 258.600 Millions enhanced to Rs. 263.600 Millions by addition of fresh Term Loan of Rs. 5.000 Millions. The said facility secured by: 1) First charge by way of hypothecation of entire current assets of the Company. 2) Second charge by way of hypothecation of fixed / block assets of the Company. 3) First charge by way of Extension of EM of factory land and Building at PH No. 21, S. No. 60 adm 1.07 hect. and S. No. 62/1 adm. 2.01 hect. at Mouza Bhowari, Tah. Kamptee, District Nagpur.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand from others	83.790	86.863
Total	83.790	86.863

CONTINGENT LIABILITIES:

· In respect of Bills Purchased is Rs. 344.700 Millions (Previous Year Rs. 363.400 Millions)

· Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for as on 31st March, 2012 are Rs. 3.120 Millions (Previous year Rs. Nil).

FIXED ASSETS

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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. 54.44
UK Pound	1	Rs. 83.78
Euro	1	Rs. 71.33

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		46

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.