MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	S R IMPEX LIMITED
Registered Office :	Shop No. 18, Mandi Fenton Ganj, Jalandhar City, Jalandhar – 144001, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.02.2000
Com. Reg. No.:	16-023407
Capital Investment / Paid-up Capital :	Rs. 714.433 Millions
CIN No.: [Company Identification No.]	U51225PB2000PLC023407
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Steel Wire Ropes, PVC Cable, Transformers, etc.
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 127000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profit margin appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Kumar
Designation :	Finance Department
Contact No.:	91-9814317855
Date :	27.08.2013

LOCATIONS

Registered Office :	Shop No. 18, Mandi Fenton Ganj, Jalandhar City, Jalandhar – 144001, Punjab, India
Tel. No.:	91-181-2236631/ 2456283
Mobile No.:	91-9814317855 [Mr. Kumar]
Fax No.:	Not Available
E-Mail :	poonamkhurana.cs@gmail.com supertechtransmission@gmail.com supertech_india04@yahoo.com
Website :	http://www.supertechforgings.com
Location :	Owned
Factory :	V.P.O. Dhogri, Pathankot Road, Jalandhar - 144004, Punjab, India
Tel. No.:	91-181-2456283/ 5023023
Fax No.:	91-181-2602920
E-Mail :	srimpexltd@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :

Gurpreet Singh

Designation :

Director

Address :

327, Saheed Udham Singh Nagar, Jalandhar, Punjab, India

Date of Birth/Age :

20.09.1963

Date of Appointment :

30.09.2008

DIN No.:

01003380

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	U74140PB2003PLC025902	PIONEER ASSURANCE CONSULTANTS LIMITED	Managing director	06/08/2007	02/04/2003	-	Active	NO
2	U51225PB2000PLC023407	S R IMPEX LIMITED	Director	30/09/2008	01/04/2008	-	Active	NO
3	U65921DL1993PLC194182	ARSHDEEP FINANCE LIMITED	Additional director	21/02/2009	21/02/2009	24/03/2009	Active	NO
4	U64200PB2010PTC033718	UNI-COM ENTERPRISES INDIA PRIVATE LIMITED	Additional director	03/07/2010	22/03/2010	14/08/2011	Active	NO

Name :

Mr. Narinder Kumar Aggarwal

Designation :

Whole-time director

Address :

H. No. 24, New Gobind Garh, Jalandhar, Punjab, India

Date of Appointment :

10.04.2008

DIN No.:

01006239

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	U27106PB1993PTC014048	SUPER TECH FORGINGS INDIA PRIVATE LIMITED	Director	24/12/1993	24/12/1993	01/04/2008	Active	NO
2	U67120PB1995PLC015692	NEW INDIA FINANCIAL SERVICES LIMITED	Director	27/01/1995	27/01/1995	-	Active	NO
3	U65921PB1993PLC013388	NIF FINANCIERS LIMITED	Director	31/07/1998	31/07/1998	18/02/2012	Active	NO
4	U51225PB2000PLC023407	S R IMPEX LIMITED	Whole-time director	10/04/2008	31/05/2007	-	Active	NO
5	U70102PB2007PTC031174	MILLENNIUM REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO

Name :

Mrs. Neelam Rani Aggarwal

Designation :

Whole-time director

Address :

958/1, New Gobind Garh, Jalandhar, Punjab, India

Date of Appointment :

10.04.2008

DIN No.:

01006384

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	Company/ LLP Status	Defaulting status
1	U51225PB2000PLC023407	S R IMPEX LIMITED	Whole-time director	10/04/2008	23/02/2000	Active	NO

Name :

Mrs. Renu Aggarwal

Designation :

Whole-time director

Address :

H. No. 24, New Gobind Garh, Jalandhar, Punjab, India

Date of Birth/Age :

03.06.1968

Date of Appointment :

30.09.2008

DIN No.:

01006778

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	U65921PB1993PLC013388	NIF FINANCIERS LIMITED	Director	31/07/1998	31/07/1998	30/03/2011	Active	NO
2	U51225PB2000PLC023407	S R IMPEX LIMITED	Whole-time director	30/09/2008	01/04/2008	-	Active	NO
3	U67120PB1995PLC015692	NEW INDIA FINANCIAL SERVICES LIMITED	Director	30/09/2011	21/03/2011	15/02/2013	Active	NO

Name :

Shant Kumar

Designation :

Director

Address :

98, Saheed Udham Singh Nagar, Jalandhar, Punjab, India

Date of Birth/Age :

08.05.1965

Date of Appointment :

30.09.2008

DIN No.:

01571485

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	U27109PB1995PLC016201	HAMCO ISPAT LIMITED	Managing director	01/04/2009	10/04/1995	-	Active	NO
2	U51225PB2000PLC023407	S R IMPEX LIMITED	Director	30/09/2008	01/04/2008	-	Active	NO
3	U65921DL1993PLC194182	ARSHDEEP FINANCE LIMITED	Additional director	21/02/2009	21/02/2009	24/03/2009	Active	NO
4	U65921PB1988PLC008430	MIDLAND MICROFIN LIMITED	Director	30/09/2011	01/09/2011	-	Active	NO
5	L27101PB1990PLC009990	JMP CASTINGS LIMITED	Director	29/09/2012	01/05/2012	-	Active	NO
6	U45309PB2013PTC037264	B & B TRUSS INDIA PRIVATE LIMITED	Director	22/03/2013	22/03/2013	-	Active	NO

Name :

Mr. Archit Aggarwal

Designation :

Whole-time director

Address :

H. No. 24, New Gobind Garh, Jalandhar, Punjab, India

Date of Appointment :

01.12.2011

DIN No.:

05145746

KEY EXECUTIVES

Name :	Mr. Kumar
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ashwani Kumar	560300
Narinder Kumar	351450
Jagdish Lal	50500
Poonam Aggarwal	115500
Ashwani Kumar HUF	4450
Narinder Kumar HUF	4450
Renu Aggarwal	115500
Pulkit Aggarwal	35000
Neelam Aggarwal	37700
Shiv Rattan	500
Manoj Thakur	4000
Simpy Aggarwal	22150
Shruti Aggarwal	11770
Archit Aggarwal	10000
Dhriti Aggarwal	10000
Adhish Aggarwal	10000
Ashok Kumar Sharma	100000
Total	1443270

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	75.43
Other top fifty shareholders	24.57
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Steel Wire Ropes, PVC Cable, Transformers, etc.
Imports :
Products :	Raw Material
Countries :	· Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Suppliers :

· Electrical Engineers

Joshi Auto Zone

Mark Overseas

Master India

Narinder and Company

Nanda Impex

O.K. Metals

S.A. Auto Engineers

Surya Electro Control

Transcore India

Vikas Industries

Customers :

End Users

No. of Employees :

22 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Capital Local Area Bank Limited, Gobind Niwas 36, G T Road Opposite ST Bus Stand, Jalandhar - 144001, Punjab, India

· Centurion Bank of Punjab Limited, Rampa Towers, Civil Lines, Jalandhar - 144003, Punjab, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Kotak Mahindra Bank [Term Loan secured against hypothecation of Car and guaranteed by the directors of the company]	1.313	2.008
SHORT TERM BORROWINGS
Capital Local Area Bank-Cash Credit [Secured against hypothecation of stock and book debts]	37.578	53.598
HDFC Bank- Cash Credit [Secured against hypothecation of stock and book debts]	2.794	11.078
Total	41.685	66.684

Banking Relations :	--
Auditors :
Name :	Walia Jasvir and Associates Chartered Accountants
Address :	Balwant Niwas, Civil Lines, Opposite Patel Hospital, Jalandhar – 144001, Punjab, India
Income-tax PAN of auditor or auditor's firm :	AAHPW0007A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,443,270	Equity Shares	Rs. 10/- each	Rs. 14.433 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.433	13.433
(b) Reserves & Surplus	17.336	13.253
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	3.000
Total Shareholders’ Funds (1) + (2)	31.769	29.686
(3) Non-Current Liabilities
(a) long-term borrowings	22.606	11.367
(b) Deferred tax liabilities (Net)	1.834	1.627
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	24.440	12.994
(4) Current Liabilities
(a) Short term borrowings	40.372	64.676
(b) Trade payables	105.581	118.955
(c) Other current liabilities	0.612	3.826
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	146.565	187.457
TOTAL	202.774	230.137
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	18.818	19.805
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.108	1.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.236	2.586
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	22.162	23.391
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	73.817	39.433
(c) Trade receivables	75.006	139.008
(d) Cash and cash equivalents	15.701	18.161
(e) Short-term loans and advances	16.088	10.144
(f) Other current assets	0.000	0.000
Total Current Assets	180.612	206.746
TOTAL	202.774	230.137

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.433
2] Share Application Money		0.000
3] Reserves & Surplus		10.707
4] (Accumulated Losses)		0.000
NETWORTH		24.140
LOAN FUNDS
1] Secured Loans		43.473
2] Unsecured Loans		12.373
TOTAL BORROWING		55.846
DEFERRED TAX LIABILITIES		1.255
TOTAL		81.241
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.171
Capital work-in-progress		0.000
INVESTMENT		8.685
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.298
	Sundry Debtors	67.184
	Cash & Bank Balances	0.993
	Other Current Assets	0.000
	Loans & Advances	6.364
Total Current Assets		106.839
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.103
	Other Current Liabilities	3.794
	Provisions	0.557
Total Current Liabilities		50.454
Net Current Assets		56.385
MISCELLANEOUS EXPENSES		0.000
TOTAL		81.241

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	533.093	357.055	269.341
		Other Income	1.499	1.225	0.858
		TOTAL (A)	534.592	358.280	270.199
Less	EXPENSES
		Cost of material consumed	504.473	210.360	261.788
		Purchase of stock-in-trade	19.463	132.708
		Changes in inventories of Finished Goods, Work-in-progress and stock-in-trade	(24.253)	(6.977)
		Employee benefit Expenses	2.082	1.838
		Other Expenses	17.938	7.551
		TOTAL (B)	519.703	345.480	261.788
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.889	12.800	8.411
Less	FINANCIAL EXPENSES (D)		10.401	8.208	4.885
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.488	4.592	3.526
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.431	0.833	0.768
	PROFIT BEFORE TAX (E-F) (G)		3.057	3.759	2.758
Less	TAX (H)		0.960	1.213	0.892
	PROFIT AFTER TAX (G-H) (I)		2.097	2.546	1.866
	Earnings Per Share (Rs.)		1.45	1.90	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.39	0.71	0.69
Net Profit Margin (PBT/Sales)	(%)	0.57	1.05	1.02
Return on Total Assets (PBT/Total Assets}	(%)	1.52	1.64	2.24
Return on Investment (ROI) (PBT/Networth)		0.10	0.13	0.11
Debt Equity Ratio (Total Debt/Networth)		1.98	2.56	2.31
Current Ratio (Current Asset/Current Liability)		1.23	1.10	2.12

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	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	No
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10027294	17/07/2012 *	72,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B56206709
2	80015469	03/08/2012 *	70,000,000.00	CAPITAL LOCAL AREA BANK LIMITED	MIDAS CORPORATE PARK 3RD FLOOR 37 G.T. ROAD, JALANDHAR - 144001, PUNJAB, INDIA	B58679515

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Loans from Directors	4.773	1.188
Inter Corporate Deposit	3.989	2.551
Other Members	12.531	5.620
Total	21.293	9.359

PERFORMANCE REVIEW

The company has made a remarkable growth in its sales, which reached to Rs. 531.100 Millions in the current year as against Rs. 356.500 Millions of the previous year registering an increase of 48.98%. Moreover, the other income has also increased to Rs. 3.476 Millions as against Rs. 1.752 Millions in the last year.

As the increase in the expenditure is more than the increase in gross income, the company has earned a profit of Rs. 3.056 Millions before tax for the financial year ending March 31, 2012 as compared to Rs. 3.759 Millions for the financial year ending March 31, 2011, depicting 18.68% decrease and profit of Rs. 2.097 Millions after tax for the financial year ending March 31, 2012 as compared to Rs. 2.546 Millions for the financial year ending March 31, 201. The Paid up Capital of the Company has remained the same. The Networth has gone up to Rs. 31.768 Millions for the current year in comparison to Rs. 26.686 Millions for the previous financial year. The company expects better results in the coming years as it is working upon increasing its efficiency.

FIXED ASSETS:

· Freehold Land

Leasehold Land

Godown Building

Factory Building

Plant and Machinery

Furniture and Fixture

Vehicles

Office Equipments

Computers

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. 65.67
UK Pound	1	Rs. 102.20
Euro	1	Rs. 87.75

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.