MIRA INFORM REPORT

Report Date :

17.01.2013

IDENTIFICATION DETAILS

Name :	JOGLEKAR REFRACTORIES PRIVATE LIMITED (w.e.f. 23.06.2010)
Formerly Known As :	JOGLEKAR REFRACTORIES AND CERAMICS PRIVATE LIMITED
Registered Office :	Unit No.60, Shah Industrial Estate, Deonar, Mumbai – 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.01.1990
Com. Reg. No.:	11-055056
Capital Investment / Paid-up Capital :	Rs.1.624 Millions
CIN No.: [Company Identification No.]	U27200MH1990PTC055056
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08632B
PAN No.: [Permanent Account No.]	AAACJ4952H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Wholesaler of Burning Lance, Slide Gate System and Coated Pipe.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 157000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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

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

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 / Admin Office :	Unit No.60, Shah Industrial Estate, Deonar, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-27693133 / 25560019
Fax No.:	91-22-25560020
E-Mail :	mail@jogref.com marketing@jogref.com office@jogref.com accounts@jogref.com joglekarrefractories@gmail.com
Website :	http://www.jogref.com
Factory :	R-627, TTC Industrial Area, MIDC Rabale, P.O. Ghansoli, Navi  Mumbai - 400 701, Maharashtra, India
Tel. No.:	91-22-27693133 / 32982670
Fax No.:	91-22-27697701

DIRECTORS

As on 11.09.2012

Name :	Mr. Meghan Yeshwant Joglekar
Designation :	Managing Director
Address :	“Sukhakarta”, J-13, Shree Dattaguru Co-Operative Housing Society Limited, Deonar, Mumbai – 400 088, Maharashtra, India
Date of Birth/Age :	12.07.1964
Qualification :	B. Sc.
Experience :	22 Years
Date of Appointment :	15.01.1990
DIN No.:	00095756

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	U27200MH1990PTC055056	JOGLEKAR REFRACTORIES PRIVATE LIMITED	Managing director	01/12/2008	15/01/1990	Active	NO
2	U74140MH1995PTC086768	VISTA MARKETING PRIVATE LIMITED	Director	24/03/1995	24/03/1995	Active	NO

Name :	Mrs. Anagha Meghan Joglekar
Designation :	Additional Director
Address :	“Sukhakarta”, J-13, Shree Dattaguru Co-Operative Housing Society Limited, Deonar, Mumbai – 400 088, Maharashtra, India
Date of Birth/Age :	28.09.1968
Qualification :	B. A. (Economics)
Experience :	3 Years 4 Months
Date of Appointment :	01.12.2008
DIN No.:	02311874

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.09.2012

Names of Shareholders	No. of Shares
Meghan Yeshwant Joglekar	120300
Anagha Meghan Joglekar	20000
Amogh Meghan Joglekar	10000
Sanyukta Meghan Joglekar	10000
Sudhakar Achut Joglekar	200
Shashikant Achut Joglekar	200
Kshama Joglekar	100
Rupa Mohan Deshpande	100
Sadashiv Vishnu Gokhale	200
Rajiv Anant Sohony	200
Vijaya Puroshottam Date	100
Purshottam Krishna Date	200
Usha Chandrashekhar Deo	200
Ganpat Krishna Date	200
Yogeshwari Ranade	200
Vishwanath Ganesh Apte	200
Total	162400

As on 11.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Wholesaler of Burning Lance, Slide Gate System and Coated Pipe.
Products :	Monolithic Formulation Slide Gate System Coated Pipe Burning Lance

PRODUCTION STATUS

As on 31.03.2012

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ramming Masses	MTS	NA	4800	2971
Ceramics Pipes	NOS	NA	72000	42826

GENERAL INFORMATION

Suppliers :

· Alpa Traders

· Alpromec Enterprises

· Associated Smelters Private Limited

· Ashapura Poly Mills Limited

· Famous Minerals and Chemicals Private Limited

· Indo Borax and Chemicals Limited

· Industrial Minerals and Refractories

· Khanna Industrial Pipes Private Limited

· Khemka Refractories Private Limited

· K.T.Plastic Industries

· Laxmi Trading Agency

· Madani Brothers

· Meenakshi Enterprises

· Meera Trading and Company

· Romit Resins

· R. R. Enterprises

· Saxena Industries

· Shree Siddhi Poly Sacks

Customers :

· Aarti Steels Limited

· Abhinav Alloys Private Limited

· Adarsh Enterprises

· Adhunik Metaliks Limited

· Aditya Metal and Alloys Private Limited

· Agarwal Soundcast Private Limited

· Agile Enterprises

· Aishu Casting Private Limited

· All Metal Industries LLC

· Allied Reclycling Limited

· Aloke Alloy

· Alok Ingots (Mumbai) Private Limited

· Ambernath Castings Private Limited

· Apar Steel and Casting Private Limited

· Aqua Alloys Private Limited

· Arrow Technocast (Guj) Private Limited

· Ashapuri Alloy Cast

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India
• Bank of Baroda, Pkshpakunj Building, Nehru Road, Santacruz (East) Branch, Mumbai – 400 055, Maharashtra, India
• Bank of Baroda, Santacruze West Branch, Santacruze (West), Mumbai – 400054, Maharashtra, India
• Kotak Mahindra Bank Limited, Opposite Nirmal Life Style, L.B.S. Marg, Mulund (West) Branch, Mumbai – 400 080, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Kotak Mahindra Bank Limited – CC Account	2.241	1.274
Total	2.241	1.274

Banking Relations :	--
Auditors :
Name :	N.K. Kalra and Associates Chartered Accountants
Address :	Shiv Kripa, 1^st Floor, Bhakti Bhavan Lane, Sindhi Society, Chembur, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-22-25293005/ 06
Fax No.:	91-22-25293008
E-Mail :	nkkalras@gmail.com kalra.narender@gmail.com
PAN No.:	AAAPK9845K

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
395000	Equity Shares	Rs.10/- each	Rs.3.950 millions
5000	15% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.0.050 million
	Total		Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
162400	Equity Shares	Rs.10/- each	Rs.1.624 millions

NOTES:

Details of Equity Shareholders holding more than 5% shares

Particulars	As at 31^st March, 2012
	No. of Shares held	% of Holding
Mr. Meghan Y. Joglekar	120,300	74.08%
Mrs. Anagha M Joglekar	20,000	12.32%
Mr. Amogh M Joglekar	10,000	6.16%
Ms. Sanyukta M Joglekar	10,000	6.16%

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		1.624	1.624	1.624
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.824	47.566	37.732
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.448	49.190	39.356
LOAN FUNDS
1] Secured Loans		2.241	1.274	0.096
2] Unsecured Loans		5.740	5.740	2.740
TOTAL BORROWING		7.981	7.014	2.836
DEFERRED TAX LIABILITIES		0.085	0.062	0.000
TOTAL		61.514	56.266	42.192
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.640	13.983	6.601
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.070	0.078	0.077
DEFERREX TAX ASSETS		0.000	0.000	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.384	11.759	8.692
	Sundry Debtors	25.002	29.788	29.465
	Cash & Bank Balances	11.463	8.548	8.323
	Other Non-Current Assets	0.000	0.067	0.000
	Other Current Assets	0.325	0.140	0.160
	Loans & Advances	4.489	2.254	12.536
Total Current Assets		54.663	52.556	59.176
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.219	7.876	9.240
	Other Current Liabilities	2.084	1.763	2.303
	Provisions	0.556	0.712	12.154
Total Current Liabilities		7.859	10.351	23.697
Net Current Assets		46.804	42.205	35.479
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.514	56.266	42.192

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	139.479	138.260	119.425
		Other Income	1.629	0.788	0.649
		TOTAL (A)	141.108	139.048	120.074
Less	EXPENSES
		Cost of Materials Consumed and Direct Expenses	111.541	105.090	103.096
		Purchase of Stock-in-Trade	0.000	0.000
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	0.572	(2.024)
		Employee Benefit Expense	11.778	12.127
		Other Expenses	6.168	5.750
		TOTAL (B)	130.059	120.943	103.096
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.049	18.105	16.978
Less	FINANCIAL EXPENSES (D)		1.145	1.111	0.978
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.904	16.994	16.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.820	0.889	0.778
	PROFIT BEFORE TAX (E-F) (G)		8.084	16.105	15.222
Less	TAX (H)		2.673	5.397	5.314
	PROFIT AFTER TAX (G-H) (I)		5.411	10.708	9.908
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	16.125	15.617
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	7.500	7.500
		Interim/ Proposed Dividend	0.812	0.812	1.624
		Tax on Dividend	NA	NA	0.276
	BALANCE CARRIED TO THE B/S		NA	NA	16.125
	Earnings Per Share (Rs.)		33.32	65.94	61.01

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.83	7.70	8.25
Net Profit Margin (PBT/Sales)	(%)	5.80	11.65	12.75
Return on Total Assets (PBT/Total Assets}	(%)	11.66	24.20	23.14
Return on Investment (ROI) (PBT/Networth)		0.15	0.33	0.39
Debt Equity Ratio (Total Liability/Networth)		0.30	0.35	0.67
Current Ratio (Current Asset/Current Liability)		6.96	5.08	2.50

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF UNSECURED DETAILS:

(Rs. In Millions)

Unsecured Loans	31.03.2012	31.03.2011
1) From Directors:
Anagha M Joglegar	0.040	0.040
Meghan Y Joglekar	4.800	4.800
2) From Shareholders:
Dr. Shashikant Joglekar	0.900	0.900
Total	5.740	5.740

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	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office address of the company has been shifted from ““Sukhakarta”, J-3, Shree Dattaguru Co-Operative Housing Society Limited, Deonar, Mumbai – 400 088, Maharashtra, India” to the present address w.e.f. 01.04.2011.

FINANCIAL RESULTS:

The year has seen one of the most volatile periods with the prices of important raw materials like Zircon and Chromite ore increasing significantly. Due to many long term orders some of the price increases had to be absorbed which affected profitability in the short run. This volatility also resulted in some loss of orders. They have also faced a severe shortage of the Raw Material Chromite Ore and DBM. The Stagnation of industrial growth has also affected by severely.

They have achieved a turnover of Rs.139.500 Millions this is higher than the previous year by Rupees 1.219 Millions only, a very modest increase. They have given below the financial results for the year 2011 – 2012.

TURNOVER TARGETS

For the year 2012-2013, they have targeted a Manufacturing activities turnover of Rs.153.500 Millions. Rs.139.500 Millions was in 2011 – 2012. i.e. growth of 10.00%. With The Steel and Foundry sector again looking bright this growth should be achievable.

CONTINGENT LIABILITY

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
(a) Amount payable on a/c of Cess Tax for the period FY 2001-02 to FY 2009-10 which is under dispute and in the opinion of Directors the amount is not payable.	4.023	4.854
(b) Amount payable on a/c of Municipal Taxes payable to NMMC for the period FY 1999-00 to FY 2009-10 which is under dispute and in the opinion of Directors the amount is not payable.	0.669	0.669
(c) Financial Bank Guarantees given by Bankers (i) Bank of Baroda (ii) Kotak Mahindra Bank Limited	0.007 3.900	0.007 3.900

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27200MH1990PTC055056
Name of the company	JOGLEKAR REFRACTORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No.60, Shah Industrial Estate, Deonar, Mumbai – 400088, Maharashtra, India E-mail Id : accounts@jogref.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10156605
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Current assets and movable fixed assets)
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India E-mail Id : john.fernandes@kotak.com
Nature of instrument creating charge	1. Supplementry Deed of Hypothecation. 2. Memorandum of Entry for mortgage by Constructive Delivery of Title Deeds.
Date of instrument Creating the charge	22.10.2011
Amount secured by the charge	Rs.12.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OD - Floating over the tenure of the facility. The Rate of Interest has been arrived at on the basis of the Bank's Benchmark Prime Lending Rate. Terms of Repayment As may be specified by the bank time to time. Margin BG - Minimum cash margin of 20% shall be provided upfront in the form of FD. (100% cash margin for guarantees covering disputed liabilities) Lien shall be marked on the FD till such time as the BG is cancelled and returned to the Bank. LC - Minimum cash margin of 20% shall be provided upfront in the form of FD. Lien shall be marked on the FD in favour of the Bank. Extent and Operation of the charge 1. First and exclusive charge by way of Hypothecation of Current assets and Movable fixed assets both present and future of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower. 2. First and exclusive charge by way of Mortgage on Immovable property of the Company, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of Borrower's Current assets and Movable fixed assets both present and future as described in Schedule to the Supplementry Deed of Hypothecation. All that piece or parcel of land known as Plot No. R-627, in the Trans thane Creek Industrial Area, Navi Mumbai, District Thane, adms.800 sq. meters,
Particulars of the present modification	Bank had granted facilities of Rs.11.000 Millions to the Borrower which was secured by way of Hypothecation on Current assets and Moveable fixed assets of the Company on 16/04/2009. Now bank has granted additional facility of Rs.1.000 Millions to the Company and the said charge is modified and extended to the increased total facilities of Rs.12.000 Millions.

FIXED ASSETS:

· Leasehold Land (Rabale)

· Land for New Pune Factory

· Factory Building (Rabale)

· Factory Building (Pune)

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Office Premises at Vakola

· Computer

· Electronic Equipments

· Vehicles

· Factory Tools

· Research Equipment

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 records 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.54.83
UK Pound	1	Rs.87.99
Euro	1	Rs.72.83

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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
TOTAL		47

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.