MIRA INFORM REPORT

Report Date :

21.02.2013

IDENTIFICATION DETAILS

Name :	GOLD PLUS GLASS INDUSTRY LIMITED
Registered Office :	G - 192, Prashant Vihar, New Delhi 110085
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.12.2005
Com. Reg. No.:	55-143705
Capital Investment / Paid-up Capital :	Rs. 756.603 Millions
CIN No.: [Company Identification No.]	U26109DL2005PLC143705
TAN No.: [Tax Deduction & Collection Account No.]	DELG09385F
PAN No.: [Permanent Account No.]	AACCG5196J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Float Glass
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 10000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has again incurred loss from its operations during 2012. There appear huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great 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 – 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	FITCH
Rating	Long Term Rating = D
Rating Explanation	Default
Date	31.01.2012

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 / Corporate Office :	G - 192, Prashant Vihar, New Delhi - 110085, India
Tel. No.:	91-11-47000500 / 27564007 / 27565277 / 27565947
Fax No.:	91-11-47000555
E-Mail :	lalit@goldplusgroup.com info@goldplusgroup.com Rachijain@goldplusgroup.com
Website :	www.goldplusgroup.com
Factory 1 :	Gold Plus Estate, Village Thithola, Pargana Maglaur, Tehsil Roorkee, Hardwar, Uttarakhand, India
Tel. No.:	91-1332-257000
Fax No.:	91-1332-257033
Factory 2 :	Located At · Haryana · Himachal Pradesh

DIRECTORS

As on 10.07.2012

Name :

Mr. Subhash Tyagi

Designation :

Director

Address:

H-4/26, Sector – 11, Rohini, Delhi – 110085, Delhi, India

Date of Birth/Age :

01.01.1957

Date of Appointment :

01.04.2012

Pan No.:

AAFPT7942K

DIN No.:

00004141

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	U26101DL1991PLC044119	GOLD PLUS GLASSES INDIA LIMITED	Director	11-09-01	11-09-01	-	Amalgamated	NO
2	U26109DL2004PLC124145	GOLD PLUS HIMACHAL SAFETY GLASS LIMITED	Director	16-01-04	16-01-04	-	Amalgamated	NO
3	U26100DL1999PLC198622	GOLD PLUS TOUGHENED GLASS LIMITED	Managing director	01-04-09	12-11-05	-	Amalgamated	NO
4	U26109DL2005PLC143705	GOLD PLUS GLASS INDUSTRY LIMITED	Managing director	01-04-12	05-09-06	-	Active	NO
5	U93000DL2009NPL196090	FEDERATION OF SAFETY GLASS	Director	17-11-09	17-11-09	-	Active	NO

Name :

Mr. Suresh Tyagi

Designation :

Director

Address:

737 Modern Apartment, Sector – 15, Rohini, Delhi – 110085, Delhi, India

Date of Birth/Age :

01.12.1960

Date of Appointment :

01.04.2012

Pan No.:

AAFPT7941L

DIN No.:

00004731

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	U26109DL2004PLC124145	GOLD PLUS HIMACHAL SAFETY GLASS LIMITED	Director	16-01-04	16-01-04	-	Amalgamated	NO
2	U26109DL2005PLC143705	GOLD PLUS GLASS INDUSTRY LIMITED	Whole-time director	01-04-12	15-12-05	-	Active	NO
3	U26101DL1991PLC044119	GOLD PLUS GLASSES INDIA LIMITED	Managing director	01-04-09	20-05-06	-	Amalgamated	NO
4	U26100DL1999PLC198622	GOLD PLUS TOUGHENED GLASS LIMITED	Managing director	11-07-06	11-07-06	-	Amalgamated	NO

Name :

Mr. Jimmy Tyagi

Designation :

Director

Address:

H-4/26, Sector – 11, Rohini, Delhi – 110085, Delhi, India

Date of Birth/Age :

12.11.1983

Date of Appointment :

01.04.2012

Pan No.:

ADHPT8941M

DIN No.:

00005341

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	U26101DL1991PLC044119	GOLD PLUS GLASSES INDIA LIMITED	Director	26-08-02	26-08-02	-	Amalgamated	NO
2	U26109DL2004PLC124145	GOLD PLUS HIMACHAL SAFETY GLASS LIMITED	Director	16-01-04	16-01-04	-	Amalgamated	NO
3	U26109DL2005PLC143705	GOLD PLUS GLASS INDUSTRY LIMITED	Whole-time director	01-04-12	25-08-06	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Prachi Jain
Designation :	Secretary
Address :	9/3549 Jain Mohalla Dharampura Gandhi Nagar, Delhi – 110032, India
Date of Birth/Age :	25.08.1986
Date of Appointment :	29.04.2012
Pan No.:	ALYPJ1607R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.07.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 10.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	4.45
Directors or relatives of Directors	85.35
Other top fifty shareholders	10.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Float Glass

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Civil Lines, Roorkee 247667, Uttarakhand, India

· Indian Bank (Lead Bank), New Delhi Main Branch, G 41, Cannaught Circus, New Delhi 110001, India Axis Bank Limited. 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loans from banks	1515.176	2687.013
Working capital loans from banks	1038.100	0.000
Other loans and advances, others	231.730	0.000
Short-term borrowings
Rupee term loans from banks	2.211	14.100
Term loans from others	0.000	4.898
Working capital loans from banks	103.774	1065.362
Total	2890.991	3771.373

Banking Relations :	--
Auditors :
Name :	K G Sharma and Company Chartered Accountants
Address :	201, Anupam Bhawan Commercial Complex, Azadpur, Delhi 110033, India
PAN.:	AAAFK6148B

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
78000000	Equity Shares	Rs. 10 each	Rs.780.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75660332	Equity Shares	Rs. 10 each	Rs.756.603 millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Suresh Tyagi	2,39,12,992	31.61%
Jimmy Tyagi	1,76,02,890	23.27%
Subhash Tyagi	1,34,42,040	17.77%
Shashi Tyagi	54,35,310	7.18%

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		756.603	756.603	431.714
2] Share Application Money		1076.300	0.000	193.321
3] Reserves & Surplus		700.131	1113.724	618.094
4] (Accumulated Losses)		0.000	0.000	(221.909)
NETWORTH		2533.034	1870.327	1021.220
LOAN FUNDS
1] Secured Loans		2890.991	3771.373	3505.956
2] Unsecured Loans		497.054	368.621	35.735
TOTAL BORROWING		3388.045	4139.994	3541.691
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5921.079	6010.321	4562.911
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5389.682	5654.448	4138.035
Capital work-in-progress		33.905	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		464.819	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	433.055	708.512	759.470
	Sundry Debtors	298.735	503.353	447.361
	Cash & Bank Balances	67.059	25.979	24.264
	Other Current Assets	2.109	1.526	0.839
	Loans & Advances	100.767	98.358	44.159
Total Current Assets		901.725	1337.728	1276.093
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	618.834	357.660	366.446
	Other Current Liabilities	235.231	609.957	479.112
	Provisions	14.987	14.238	5.659
Total Current Liabilities		869.052	981.855	851.217
Net Current Assets		32.673	355.873	424.876
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5921.079	6010.321	4562.911

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3531.545	3207.090	2080.637
		Other Income	125.556	3.412	12.437
		TOTAL (A)	3657.101	3210.502	2093.074
Less	EXPENSES
		Cost of materials consumed	1036.361	1091.396
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	280.203	177.239
		Employee benefit expense	158.595	138.396	1559.831
		Other expenses	2388.921	1812.616
		Prior period items	0.000	15.880
		Exceptional items	13.719	32.661
		TOTAL (B)	3877.799	3268.188	1559.831
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(220.698)	(57.686)	533.243
Less	FINANCIAL EXPENSES (D)		379.265	516.903	532.515
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(599.963)	(574.589)	0.728
Less/ Add	DEPRECIATION/ AMORTISATION (F)		278.449	279.301	184.670
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(878.412)	(853.890)	(183.942)
Less	TAX (H)		(464.819)	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(413.593)	(853.890)	(183.942)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1075.832)	(221.942)	(38.000)
	BALANCE / (LOSS) CARRIED TO THE B/S		(1489.425)	(1075.832)	(221.942)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.569	19.900	25.504
	TOTAL EARNINGS		17.569	19.900	25.504
	IMPORTS
		Raw Materials	NA	40.706	32.989
		Stores & Spares	NA	12.311	6.324
		Capital Goods	NA	6.274	26.292
	TOTAL IMPORTS		NA	59.291	65.605
	Earnings / (LOSS) Per Share (Rs.)		(5.47)	(11.29)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(11.31)	(26.59)	(8.78)
Net Profit Margin (PBT/Sales)	(%)	(24.87)	(26.63)	(8.84)
Return on Total Assets (PBT/Total Assets}	(%)	(13.96)	(12.21)	(3.39)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.46)	(0.18)
Debt Equity Ratio (Total Debt /Networth)		1.34	2.21	3.47
Current Ratio (Current Asset/Current Liability)		1.04	1.36	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	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	No
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

BACKGROUND

Subject was incorporated in December 2005 as Public Limited Company under the Companies Act 1956.

The Company started its Commercial Operations in during the financial year 2008-09. As per Honourable Delhi High Court Order dated 23rd February 2011; the following companies have been amalgamated with the subject company with effect from 1st April, 2009.

· Gold Plus Glasses India Limited (Works at Sonepat, Haryana)

· Gold Plus Toughened Glass Limited (Works at Sonepat, Haryana)

· Gold Plus Himachal Safety Glass Limited (Works at Kala Amb, Himachal Pradesh)

After implementation of the amalgamation scheme; the company now has the following plants:

· Float Glass, Mirror and Other Value Added Glass Manufacturing Plant at Roorkee, Uttarakhand (Manufacturing Division)

· Glass Processing Plants at Sonepat, Haryana (Processing Division)

· Glass Processing Plant at Kala Amb, Himachal Pradesh (Processing Division)

RESULTS OF OPERATIONS

The Company achieved a turnover of Rs. 3531.545 Millions during the year as compared to Rs. 3248.000 Millions during the previous year. The increase in turnover is due to the increased demand of glass and sales realization.

The Company has incurred a net loss of Rs. 413.593 Millions during the year as compared to loss of Rs. 853.890 Millions during the previous year. The loss is due to increased cost of Raw Materials and Furnace Oil. Due to the competitive pressure; the increased cost could not be passed on to customers.

FUTURE OUTLOOK

The demand for float glass in the country is growing at healthy pace. The company is continuing its focus on customer service and improving operational efficiencies and product range. With its strong distribution network and brand image, the company is well positioned to meet present and future competition.

FINANCE

The Term Loan and the Working Capital requirements of the company have been met from the consortium comprising of Indian Bank, Bank of Baroda, UCO Bank, Indian Overseas Bank and Dena Bank for Roorkee Unit and from Axis Bank for Sonepat / Kala-amb operations. The Directors are thankful to these banks for extending their support and cooperation.

CONTINGENT LIABILITY NOT PROVIDED FOR

Rs. In Millions

Particulars	31.03.2012	31.03.2011
Bank Guarantee outstanding	51.142	2.410
Letter of Credit Outstanding to the extent not provided for	3.262	250.041
Excise Duty (Under Appeal)	0.585	0.585
Demand from Uttarakhand Power Corporation Limited (under protest)	26.923	0.00

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011	As on 31.03.2010
Long-term borrowings
Loans and advances from related parties	75.169	54.402
Other loans and advances	399.675	304.350
Short-term borrowings
Loans repayable on demand from others	22.210	9.869
Total	497.054	368.621

Bankers Charges Report as per Registry

Corporate identity number of the company	U26109DL2005PLC143705
Name of the company	GOLD PLUS GLASS INDUSTRY LIMITED
Address of the registered office or of the principal place of business in India of the company	G 192, Prashant Vihar, New Delhi - 110085, India lalit@goldplusgroup.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited. 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110001, India f8.axisbank@gmail.com
Nature of instrument creating charge	Master restructuring agreement.
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 58.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term loan @ lead bank base rate i.e. presently 10.75% p.a. WCTL @ lead bank base rate i.e. presently 10.75% p.a. FITL @ 5.10% p.a. Terms of Repayment Repayable in 32 equal quarterly installments w.e.f. 30.09.2013 and ending on 30.06.2021. Margin Term Loan - 33.50% Extent and Operation of the charge Exclusive first charge over fixed assets of processing unit at sonepat and kala-amb. Second charge over current assets. Others The Above Is To Secure The Following Credit Facilities Within The Restructured Credit Facilities of Rs. 207.100 Millions:- (Rs. In Millions) Fresh Term Loan - 13.300 WCTL - 37.600 (Conversion Of Irregular Portion Of Cc) FITL - 7.400 (Interest On Term Liabilities (WCTL) From 01.06.2011 To 31.03.2013)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation By Way Of Second Charge Over All Present And Future Current Assets And Exclusive First Charge On Plant and Machinery And Misc. Fixed Assets Pertaining The Processing Units Of The Company Situated At Sonepat (Haryana) And Kala-Amb (Himachal Pradesh).

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Electrical Installations
• Furniture and Fixtures
• Computers
• Vehicles

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.54.05
UK Pound	1	Rs.83.45
Euro	1	Rs.72.54

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.