1. Summary Information

		Country	India
Company Name	APPL INDUSTRIES LIMITED	Principal Name 1	Mr. Inder Prakash Jain
Status	Satisfactory	Principal Name 2	Mrs. Asha Jain
		Registration #	55-109315
Street Address	F-169, Mansarover Garden, New Delhi – 110 015
Established Date	22.01.2001	SIC Code	--
Telephone#	91-11-25193078	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	www.applindustries.com	Product Name 1	Engineering Thermoplastics
# of employees	250 (Approximately)	Product Name 2	--
Paid up capital	Rs. 213,403,320/-	Product Name 3	--
Shareholders	Bodies Corporate-4% Directors Or Relatives Of Directors-96%	Banking	Standard Chartered Bank
Public Limited Corp.	No	Business Period	12 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	506,604,000	Current Liabilities	244,440,000
Inventories	172,096,000	Long-term Liabilities	635,806,000
Fixed Assets	724,005,000	Other Liabilities	77,514,000
Deferred Assets	0,000	Total Liabilities	957,760,000
Invest& other Assets	71,977,000	Retained Earnings	303,519,000
		Net Worth	516,922,000
Total Assets	1,474,682,000	Total Liab. & Equity	1,474,682,000
Total Assets (Previous Year)	1,386,353,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	1,984,554,000	Net Profit	61,975,000
Sales(Previous yr)	2,018,754,000	Net Profit(Prev.yr)	65,787,000

MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	APPL INDUSTRIES LIMITED
Formerly Known As :	AALEKH POLYMERS PRIVATE LIMITED
Registered Office :	F-169, Mansarover Garden, New Delhi – 110 015
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.01.2001
Com. Reg. No.:	55-109315
Capital Investment / Paid-up Capital :	Rs. 213.403 Millions
CIN No.: [Company Identification No.]	U74999DL2001PLC109315
TAN No.: [Tax Deduction & Collection Account No.]	DELA18328C
PAN No.: [Permanent Account No.]	AAFCA1026J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Engineering Thermoplastics.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A2 (Non Fund Based)
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	29.01.2013

Rating Agency Name	ICRA
Rating	BBB (Term Loan)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	29.01.2013

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 :	F-169, Mansarover Garden, New Delhi – 110 015, India
Tel. No.:	91-11-25193078
Fax No.:	Not Available
E-Mail :	applmsr@airtelmail.in
Website :	http://www.applindustries.com
Area :	2000 sq. ft.
Location :	Owned
Factory 1 :	680/2, Pune Nagar Road, Koregaon, Bhima, Taluka Shirur, Pune – 412 216, Maharashtra, India
Tel. No.:	91-2137-253195 / 96
E-Mail :	applindus@vsnl.net
Location :	Owned
Factory 2 :	Plot No.2, Sector 7, Industrial Estate, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4368231
Fax No.:	91-124-4368234
E-Mail :	applmsr@touchtelindia.net manesar@applindustries.com
Location :	Owned
Factory 3 :	Mandar – Rajashthan, Ricco Industrial Area, Mandar, District Sirohi-307513, India
Factory 4 :	Plot No.58, Sector 4, Sidcul, IIE, Pantnagar, Uttaranchal, India
Factory 5 :	Survey No.279, (1 and 2), Maan, Taluka Mulshi, Pune-411057, Maharashtra, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Inder Prakash Jain
Designation :	Managing Director
Address :	55, Sujay Garden, Ashiyana, Mukund Nagar, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	11.08.1961
Date of Appointment :	01.06.2006
DIN No.:	00273038
Name :	Mrs. Asha Jain
Designation :	Director
Address :	55, Sujay Garden, Ashiyana, Mukund Nagar, Pune – 411037, Maharashtra, India
Date of Birth/Age :	12.05.1962
Date of Appointment :	22.01.2001
DIN No.:	00272963
Name :	Mr. Jeevan Shantaram Karkhanis
Designation :	Director
Address :	D-804, Imperial Residency, Adjacent to Agakhan Place, Kalyani Nagar, Pune – 411 006, Maharashtra, India
Date of Birth/Age :	05.10.1952
Date of Appointment :	23.08.2007
DIN No.:	01412714
Name :	Mr. Aalekh Jain
Designation :	Director
Address :	55, Sujay Garden, Ashiyana, Mukund Nagar, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	27.10.1986
Date of Appointment :	30.04.2007
DIN No.:	01024820
Name :	Mr. Rajeev Shyamrao Basargekar
Designation :	Additional director
Address :	C-9/14, Sarita Nagari, Phase – II, SN 119/1, Singhad Road, Paravati, Pune, Maharashtra, India
Date of Birth/Age :	09.09.1956
Date of Appointment :	02.05.2011
DIN No.:	03508478
Name :	Mr. Anil George
Designation :	Director
Address :	402/H, Pinac Kanchanganag Avndh, Pune-411007, Maharashtra, India
Date of Birth/Age :	08.11.1967
Date of Appointment :	01.12.2011
DIN No.:	05130849

KEY EXECUTIVES

Name :	Mr. Rakesh Gupta
Designation :	Secretary
Address :	Flat No. A-101, Karam Hi Dharam Apartment, Sector – 55, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	30.08.1961
Date of Appointment :	01.06.2006
PAN No.:	ABTPG1201D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Inder P. Jain	14798730
Asha Jain	3177772
Yoginder Nath Sharma	160
Jain and Company, India	60400
Aalekh Jain	1040000
Anurag Jain	912000
Inder Jain and Sons (HUF)	588400
Vinod Sikka	160
T. P. Mathew	160
Decent Computers Private Limited, India	552550
Aviva Paper and Pulp Private Limited, India	30000
Tushar India Private Limited, India	25000
Vishwanidhi Chemicals Private Limited, India	15000
Lancer Construction Private Limited, India	15000
Kesri Lab Electronics Private Limited, India	20000
Performance Builders Private Limited, India	15000
Performance Systems Power Private Limited, India	25000
Dreamland Solutions Private Limited, India	20000
Kesri Industries Lab Private Limited, India	15000
Meghdhoot Express Private Limited, India	15000
Instent Construction Private Limited, India	15000
TOTAL	21340332

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	4.00
Directors or relatives of Directors	96.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Engineering Thermoplastics.
Products :	Nylon Compounds PBT Compounds Polycarbonate Compounds Blends and Alloys Advanced Polypropylene Compound Advanced Styrenic Compounds Advanced Colour Masterbatches Speciality Additive Masterbatches

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Compound	Kg	52000000	20047484.23

GENERAL INFORMATION

Customers :

· Lumax

· Mutual Industries Limited

· Reliance Industries Limited

· Surbos

· Tata Ficoasa Limited

· Visteon

No. of Employees :

250 (Approximately)

Bankers :

· Standard Chartered Bank, Credit Risk Control, H-2, Connaught Circus, New Delhi – 110 001, India

· CITI Bank N.A., Jeevan Bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110 001, India

· Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110 001, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans From Banks	91.669	0.000
Term Loans From Others	124.875	0.000
Loans Repayable on Demand	329.594	0.000
Working Capital Loans from Banks	38.869	582.441
TOTAL	585.007	582.441

Banking Relations :	--
Auditors :
Name :	S. Kumar Jain and Associates Chartered Accountants
Address :	2481/9, 2^nd Floor, Gurdwara Road, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-28756307 / 28758294
PAN No.:	AALPJ6405D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21340332	Equity Shares	Rs.10/- each	Rs. 213.403 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		213.403	211.303	211.303
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		303.519	223.409	157.621
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		516.922	434.712	368.924
LOAN FUNDS
1] Secured Loans		585.007	582.441	426.417
2] Unsecured Loans		50.799	77.037	74.396
TOTAL BORROWING		635.806	659.478	500.813
DEFERRED TAX LIABILITIES		54.899	44.764	34.964
TOTAL		1207.627	1138.954	904.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		724.005	680.450	552.956
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		71.977	71.977	43.616
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	172.096	215.315	102.942
	Sundry Debtors	387.693	330.527	308.000
	Cash & Bank Balances	14.915	28.447	2.230
	Other Current Assets	0.089	0.000	0.000
	Loans & Advances	103.907	59.535	39.599
Total Current Assets		678.700	633.824	452.771
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	218.339	211.118	110.972
	Other Current Liabilities	26.101	36.363	9.704
	Provisions	22.615	(0.082)	24.081
Total Current Liabilities		267.055	247.399	144.757
Net Current Assets		411.645	386.425	308.014
MISCELLANEOUS EXPENSES		0.000	0.102	0.115
TOTAL		1207.627	1138.954	904.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1984.554	2018.754	1452.403
		Other Income	36.523	23.064	11.584
		TOTAL (A)	2021.077	2041.818	1463.987
Less	EXPENSES
		Cost of Materials Consumed	1569.331	1642.589	1140.405
		Manufacturing service costs	0.000	133.211	97.733
		Other Expenses	225.278	106.767	88.863
		Employees Benefit Expenses	42.059	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	11.199	0.000	0.000
		TOTAL (B)	1847.867	1882.567	1327.001
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		173.210	159.251	136.986
Less	FINANCIAL EXPENSES (D)		61.262	54.367	36.305
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		111.948	104.884	100.681
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.439	14.483	12.074
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		90.509	90.401	88.607
Less	TAX (H)		28.534	24.614	33.687
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		61.975	65.787	54.920
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	107.802	52.882
	BALANCE CARRIED TO THE B/S		NA	173.589	107.802
	IMPORTS
		Raw Materials	NA	117.345	175.039
		Capital Goods	NA	17.010	59.988
	TOTAL IMPORTS		NA	134.355	235.027
	Earnings Per Share (Rs.)		2.90	2.59	2.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.07	3.22	3.75
Net Profit Margin (PBT/Sales)	(%)	4.56	4.48	6.10
Return on Total Assets (PBT/Total Assets}	(%)	6.45	6.88	8.81
Return on Investment (ROI) (PBT/Networth)		0.18	0.21	0.24
Debt Equity Ratio (Total Debt /Networth)		1.23	1.52	1.36
Current Ratio (Current Asset/Current Liability)		2.54	2.56	3.13

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Loans and advances from related parties	11.467	34.436
Other Loans and advances	39.332	42.601
TOTAL	50.799	77.037

CHANGE OF ADDRESS:

Registered office of the company has been shifted from D-114, Mansarovar Garden, New Delhi – 110 015 to the present address w.e.f. 08.03.2010.

FINANCIAL RESULTS

The company has achieved turnover Rs. 2002.400 Millions as compare to previous year Rs 2018.800 Millions. Profit before tax increase to Rs. 90.500 Millions as compare to previous year Rs. 90.400 Millions. This could be possible only by extra marketing effort of the company. However still the company has to go a long way in exploiting the market by introduction of its products to new markets

The operating results are very good. However the company shows its inability to declare any dividend as the expansion of turnover rather requires more funds.

FORM 8

Corporate identity number of the company	U74999DL2001PLC109315
Name of the company	APPL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	F-169, Mansarover Garden, New Delhi – 110 015, India E-mail : applmsr@airtelmail.in
This form is for	Modification of charge
Charge identification number of the charge to be modified	10122308
Type of charge	· Immovable property
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
Nature of instrument creating charge	Supplementary Memorandum of Entry for deposit of title deeds for constructive delivery
Date of instrument Creating the charge	02.05.2012
Amount secured by the charge	Rs. 110.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC/WCDL: Sum of IBase and spread p.a. Buyers credit: As quoted by IBG LC Com: 1.25% p.a BG Com: 1.25% p.a Terms of repayment On demand / due dates Margin Cash credit /WCDL: Uniform margin of 25% against all components of inventory and book debts (cover period for book debts as per the sanction terms) Cash credit on buyers credit: Nil Cash margin on LC: 5% Guarantees covering disputed liabilities - 100% Financial guarantees - 10% Performance guarantees - 10% Extent and operation of the charge First pari passu charge on the following properties: 1. Land measuring 1H 88.5R situated at plot (old survey No. 947, 947/2) new survey No. 680/2, village Koregaon Bhima, Taluka Shirur, Pune. 2. Land measuring 4050 square meters situated at Plot No. 2, Sector 7, Industrial Estate, IMT Manesar, Gurgaon (Haryana) 3. Land and building situated at Village Maan, Taluka Mulshi, Pune 4. Land and building situated at Plot No. 58, Sector, 4, IIE Pantnagar, Rudrapur Other The above is to secure the Cash Credit Rs. 40 million, WCDL (sub limit of CC) Rs. 40 million, Buyers Credit as sub limit of LC Rs. 70 million, Letter of Credit Rs. 70 million and Bank Guarantee as sub limit of LC Rs. 20 million.
Short particulars of the property charged (Including location of the property)	First pari passu charge on Land measuring 4050 square meters situated at Plot No. 2, Sector 7, Industrial Estate, IMT Manesar, Gurgaon (Haryana) First pari passu charge on Land measuring 1H 88.5R situated at plot (old survey No. 947, 947/2) new survey No. 680/2, village Koregaon Bhima, Tal. Shirur, Pune. First pari passu charge by way of Equitable mortgage of land and building on the name of the company situated at Village Maan, Taluka Mulshi, Pune First pari passu charge by way of Equitable mortgage of land and building on the name of the company situated at Plot No. 58, Sector, 4, IIE Pantnagar, Rudrapur
Date of instrument modifying the charge	21.02.2012
Particulars of the present modification	Enhanced limits will be additionally secured by follow: First pari passu charge by way of Equitable mortgage as under: 1. Land measuring 4050 square meters situated at Plot No. 2, Sector 7, Industrial Estate, IMT Manesar, Gurgaon (Haryana) 2. Land measuring 1H 88.5R situated at plot (old survey No. 947, 947/2) new survey No. 680/2, village Koregaon Bhima, Taluka Shirur, Pune. Other terms and conditions remained the same.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipments

· 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. 53.92
UK Pound	1	Rs. 82.76
Euro	1	Rs. 71.04

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.