MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	MACNEILL ENGINEERING LIMITED

Registered Office :	Konchoki Bhasa, Bishnupur Diamond Harbour Road, 24 Parganas (South)-743503, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	24.02.1988

Com. Reg. No.:	21-043836

Capital Investment / Paid-up Capital :	Rs.63.086 Millions

CIN No.: [Company Identification No.]	U74210WB1988PLC043836

TAN No.: [Tax Deduction & Collection Account No.]	CALM01618B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter of Battery Operated and Diesel Engine Grieve.

No. of Employees :	450 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Exist

Comments :	Subject is an established company having a moderate track record. The latest financials are not available with the government department. As per previous year’s, there appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings on a safe and secured trade terms and condition.

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

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.

INFORMATION PARTED BY

Name :	Mr. Pradip Churiwal
Designation :	Director
Contact No.:	91-9874414000
Date :	17.01.2013

LOCATIONS

Registered Office / Factory :	Konchoki Bhasa, Bishnupur Diamond Harbour Road, 24 Parganas (South)-743503, West Bengal, India
Tel. No.:	91-91-33-2453194/05
Mobile No.:	91-9874414000 [Mr. Pradip Churiwal]
Fax No.:	91-91-33-24978119
E-Mail :	pradipchuriwal4@gmail.com bansalroc@gmail.com
Website :	http://www.macneillengineering.com
Location :	Owned

DIRECTORS

AS ON 3.09.2011

Name :	Mr. Pradip Kumar Churiwala
Designation :	Director
Address :	42/1A, Rupchand Mukherjee Lane, Kolkata-700025, West Bengal, India
Date of Birth/Age :	07.06.1958
Date of Appointment :	01.11.2004
DIN No.:	01189061

Name :	Mr. Tushar Chaki
Designation :	Director
Address :	176/A, Daspara Road, Thakurpukur, (South), Kolkata-700063, West Bengal, India
Date of Birth/Age :	17.09.1969
Date of Appointment :	01.11.2004
DIN No.:	00337132

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	U65993WB1980PLC032773	CHURIWALA INVESTMENT LTD	Managing director	05/06/1980	05/06/1980	-	Active	NO
2	U27101WB1980PLC033200	PEARL PROJECTS & STEEL LTD	Managing director	19/12/1980	19/12/1980	30/03/2010	Active	NO
3	U70101WB1987PTC043467	HALLMARK CONSTRUCTION CO PVT LTD	Managing director	14/12/1987	14/12/1987	14/11/2009	Active	NO
4	U28999WB1988PTC045456	STAR TRACK PVT LTD	Managing director	27/12/1990	27/12/1990	30/03/2010	Active	NO
5	U27106WB1986PTC040465	BAJRANG STEEL TRADING COMPANY (INDIA) PVT LTD	Managing director	15/03/1993	15/03/1993	-	Active	NO
6	U51109WB1994PLC063341	STARTRACK INTERNATIONAL LTD.	Managing director	27/05/1994	27/05/1994	-	Active	NO
7	U51109WB1995PTC075018	REGENCY PLAZA PVT.LTD.	Director	19/07/2011	19/10/1995	15/12/2011	Active	NO
8	U51109WB1996PTC082090	STARTRACK AGENCIES PRIVATE LIMITED	Managing director	22/11/1996	22/11/1996	-	Active	NO
9	U74140WB1985PTC038830	DEEP SERVICES PVT LTD	Director	18/08/1997	18/08/1997	-	Active	NO
10	U51109WB1995PTC069851	BIRCORT COMMERCIAL PVT LTD	Director	27/04/1998	27/04/1998	-	Active	NO
11	U67120WB1995PTC076244	LUCKY BUSINESS INDIA PVT LTD	Director	23/08/1999	23/08/1999	-	Active	NO
12	U51109WB1995PTC069791	SOLO-MIO TIE-UP PVT.LTD.	Director	14/03/2000	14/03/2000	26/02/2008	Active	NO
13	U51109WB1995PTC069872	STURDY BARTER PVT.LTD.	Director	15/06/2000	15/06/2000	-	Active	NO
14	U63022WB2000PTC092422	ARA WAREHOUSING PRIVATE LIMITED	Director	18/09/2000	18/09/2000	26/02/2008	Active	NO
15	U67120WB1997PTC082496	ELFORD TRADING & INVESTMENT PRIVATE LIMITED	Managing director	18/12/2002	18/12/2002	-	Active	NO
16	U74210WB1988PLC043836	MACNEILL ENGINEERING LTD	Managing director	01/11/2004	01/11/2004	-	Active	NO
17	U72900WB1993PTC059290	MCC RESOURCES PVT. LTD.	Managing director	06/01/2007	06/01/2007	15/01/2012	Active	NO
18	U45200WB2007PTC113481	ALISHAN DEVELOPERS PRIVATE LIMITED	Director	15/03/2007	15/03/2007	-	Active	NO
19	U29193WB2008PLC121574	MACNEILL FORK LIFT SERVICES LIMITED	Director	09/01/2008	09/01/2008	08/08/2008	Active	NO
20	U29219WB2008PLC121572	MACNEILL ENGINEERING SERVICES LIMITED	Director	09/01/2008	09/01/2008	08/08/2008	Active	NO
21	U51909WB2008PTC129484	ENGICON MARKETING PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
22	U45400WB2008PTC129641	CHURIWALA REALTORS PRIVATE LIMITED	Director	25/09/2008	25/09/2008	06/01/2010	Active	NO
23	U45400WB2008PTC129638	MACNEILL REALTORS PRIVATE LIMITED	Director	25/09/2008	25/09/2008	06/01/2010	Active	NO
24	U45400WB2008PTC129637	PKC REALTORS PRIVATE LIMITED	Director	25/09/2008	25/09/2008	25/11/2011	Active	NO
25	U45400WB2008PTC129639	K D REALCON PRIVATE LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
26	U45400WB2008PTC129636	PRADIP REALESTATE DEVELOPERS PRIVATE LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
27	U45207WB2008PTC129783	STARTRACK REALCON PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
28	U45208WB2008PTC131243	KOLKATA REALCON PRIVATE LIMITED	Director	16/12/2008	16/12/2008	16/01/2012	Active	NO

Name :	Mr. Gaurav Churiwala
Designation :	Director
Address :	8/4, Alipore Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	27.06.1978
Date of Appointment :	30.01.2004
DIN No.:	01779868

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	U74210WB1988PLC043836	MACNEILL ENGINEERING LTD	Director	30/01/2004	30/01/2004	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Bircort Commercial Private Limited	238000
Churiwala Investment Limited	746000
Pradip Kumar Churiwal	1490000
Elford Trading and Investment Private Limited	294000
Startrack Private Limited	264600
Anita churiwal	72000
Startrack International Limited	210010
Astrol Dealcom Private Limited	60000
Subhalaxmi Projects Limited	250000
Annapurna churiwal	384000
Morgan Financial Services Private Limited	120000
Basuki Credit and Investment Private Limited	100000
S and G Trade Finance Private Limited	100000
Dico Transport Corporation Limited	150000
Sand and Trade Finance Private Limited	100000
Macneill Fork Lift Services Limited	150000
Macneill Engineering Services Limited	330000
Pearl Projects and Steel Limited	100000
Balaji Indo Finance Limited	300000
Bestway hire Purchase Private Limited	100000
Subrroto Trading and Finance Company Limited.	300000
Motocab Finance Private Limited	50000
Jugantar Mercantile Private Limited	50000
Rajmandir Estate Private Limited	100000
Lucky Business India Private Limited	100000
Brickmann Tradex Private Limited	150000
TOTAL	6308610

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	68.00
Directors or relatives of Directors	32.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Battery Operated and Diesel Engine Grieve.

Products :

Product Description	Item Code
Power Truck	84279000
Non Power Truck	84289090

· High Reach Trucks

· Tow Trucks

· Platform Trucks

· Pallet Stackers

· Pedestrian Trucks

· Forklift

· Material Handling Equipment

· Engineering Design Developers

· Hand Pallet Trucks

· Electric and Battery Operated Trucks

· Diesel Fork Lift Trucks

· Diesel Forklifts

· Rangers

· Stackers

· Heavy Duty Stacker

Brand Names :

“MACNEILL”

Exports :

Products :

Finished Goods

Countries :

· Bangladesh

· Nepal

Terms :

Selling :

LC, Cash and Credit

Purchasing :

LC, Cash and Credit

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Unit	Installed Capacity	Actual Production
Power Trucks	Nos.	900	158
Non Power Trucks	Nos.	500	--
Spares*	Nos.	Not Ascertainable	--

Note:

* In view of varying sizes and types as well as units, it is not possible to quantify the production.

GENERAL INFORMATION

Customers :

· Wholesalers and Retailers

No. of Employees :

450 (Approximately)

Bankers :

· Laxmi Vilas Bank Limited, 3A, Red Creoss Place, Kolkata – 700001, West Bengal, India

Contact No . 1800-125-2233

Facilities :

Secured Loan

Rs. In Millions

31.03.2011

Rs. In Millions

31.03.2010

Term Loan Bank Secured

0.000

2.305

TOTAL

0.000

2.305


Banking Relations :	--

Auditors :
Name :	Raj Kumar Kothari and Company Chartered Accountants
Address :	32 Ezra Street, Kolkata-700001, West Bengal, India
PAN No.:	AAGFR8858M

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6308610	Equity Shares	Rs.10/- each	Rs.63.086 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		63.086	54.086	54.086
2] Share Application Money		1.149	7.000	0.000
3] Reserves & Surplus		68.140	68.458	68.776
4] (Accumulated Losses)		(72.470)	120.093	(121.579)
NETWORTH		59.905	9.451	69.356
LOAN FUNDS
1] Secured Loans		0.000	2.305	26.497
2] Unsecured Loans		42.280	28.751	9.727
TOTAL BORROWING		42.280	31.056	36.224
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		102.185	40.507	37.507

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		181.853	163.236	140.465
Capital work-in-progress		2.692	4.117	5.976

INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		19.440	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.781	66.955	49.119
	Sundry Debtors	55.105	39.119	34.751
	Cash & Bank Balances	13.799	9.854	6.536
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	54.753	95.751	85.532
Total Current Assets		221.438	211.679	175.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	296.987	317.378	233.091
	Other Current Liabilities	16.495	10.841	40.094
	Provisions	9.856	10.406	11.787
Total Current Liabilities		323.338	338.625	284.972
Net Current Assets		(101.190)	(126.946)	(109.034)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		102.185	40.507	37.507

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	190.789	176.336	126.565
		Other Income including Services Income	95.333	36.262	53.663
		TOTAL (A)	286.122	212.598	180.228

Less	EXPENSES
		Office Expenses	144.144	119.761	99.306
		Administrative Expenses	11.650	11.600	8.564
		Advertising Expenses	90.971	70.722	48.900
		TOTAL (B)	246.765	202.083	156.770

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.357	10.515	23.458

Less	FINANCIAL EXPENSES (D)		2.315	2.295	0.579

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.042	8.220	22.879

Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.859	6.734	5.159

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		28.183	1.486	17.720

Less	TAX (H)		(19.440)	0.000	0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		47.623	1.486	17.720

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(120.093)	(121.579)	(139.299)

	BALANCE CARRIED TO THE B/S		(72.470)	(120.093)	(121.579)

	EARNINGS IN FOREIGN CURRENCY		N.A	N.A	N.A

	C. I. F. Value of Imports		N.A	N.A	23.370

	Earnings Per Share (Rs.)		7.55	N.A	03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.64	0.70	9.83

Net Profit Margin (PBT/Sales)	(%)	14.77	0.84	14.00

Return on Total Assets (PBT/Total Assets}	(%)	6.99	0.40	5.60

Return on Investment (ROI) (PBT/Networth)		0.47	0.16	13.81

Debt Equity Ratio (Total Liability/Networth)		6.10	39.12	250.35

Current Ratio (Current Asset/Current Liability)		0.06	0.63	0.62

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	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	No
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

Litigation Detail :

CALAUTTA HIGH COURT

WILLAMSON AND MAGOR COMPANY LIMITED vs MACNEIL ENGINRRRING LIMITED AND Ors on

18^th October, 2012

Author: Pratap Kumar Ray

ORDER SHEET

CC No.60 of 2008

In the high court at Calcutta special Jurisdiction (contempt) original side

WILLAMSON AND MAGOR COMPANY LIMITED. Versus

MACNEIL ENGINRRRING LIMITED AND Ors.

BEFORE

The Honorable Justice Pratap Kumar Ray

The Honorable Justice

Date: 18^thOctober 2012

Mr.Aniruddha Mitra,

Mr. Amritam Mandal, Advance for the contemner

Mr. K.J. Tewari

Mr. Biplab Guha, Advances for the petitioner

The court: In this application rule as yet has not been served. The returnable date of the rule is accordingly extended for a period of three weeks after puja vacation. Registry is directed to complete service of the rule. The petitioner is directed to take steps so that rule is served. Department and all parties concerned are to act on a signed.

(Pratap Kumar Ray, J.)

· UNSECURED LOAN

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan Unsecured From Bank	0.005	0.000
Term Loan Unsecured From Others	42.275	28.751
TOTAL	42.280	28.751

FORM 8

Corporate identity number of the company	U74210WB1988PLC043836
Name of the company	MACNEILL ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	Konchoki Bhasa, Bishnupur Diamond Harbour Road, 24 Parganas (South)-743503, West Bengal, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	· Laxmi Vilas Bank Limited, 3A, Red Creoss Place, Kolkata – 700001, West Bengal, India
Nature of instrument creating charge	Agreement of corporate guarantee dated 16.10.2012
Date of instrument Creating the charge	16.10.2012
Amount secured by the charge	Rs.9.00 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 3% Over the Bank Base Rate of 11% P.A. Terms of repayment Last working day of every calendar month Margin As per agreement Extent and operation of the charge Charge on stocks, book debts of the company
Short particulars of the property charged (Including location of the property)	Corporate Guarantee Given on Behalf of the EVS Distributors India limited as per agreement dated 16.10.2012

FIXED ASSETS

· Lease hold lands

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Live Stock

· Goodwill

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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	HET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
TOTAL		18

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.