MIRA INFORM REPORT

Report Date :

13.07.2013

IDENTIFICATION DETAILS

Name :	RASHTRIYA METAL INDUSTRIES LIMITED
Registered Office :	Sir M. V. Road, J. B. Nagar, Andheri (East) Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.11.1946
Com. Reg. No.:	11-005378
Capital Investment / Paid-up Capital :	Rs. 45.130 Millions
CIN No.: [Company Identification No.]	U99999MH1946PLC005378
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14494E
PAN No.: [Permanent Account No.]	AAACR3982P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Non-ferrous Semis and Copper Alloys.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 1870000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has been as drastic dip in its sales turnover and has incurred a huge loss from its operations during 2012. Financial position of the company appears to be decent. Trade relations are fair. Business is active. Payments terms are slow but correct In view of experienced promoters the company can be considered normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facility = BB
Rating Explanation	Moderate risk of default
Date	09.01.2013

Rating Agency Name	CARE
Rating	Short term bank facility = A 4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	09.01.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/Factory :	Sir M V Road, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-56923311 / 28323311 / 66923311 / 734-2584548 / 33733000
Fax No.:	91-22-28366366
E-Mail :	cvs@rashtriyametal.com kda@rashtyiyametal.com sales@rashtriyametal.com mail@rashtriyametal.com chhogmal@gmail.com nilesh@rashtriyametal.com
Website :	http://www.rashtriyametal.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Premratan Damani

Designation :

Director

Address :

23, Moti Mahal, Churchgate Reclamation, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

15.05.1936

Date of Appointment :

29.02.1982

DIN No.:

00030400

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	L17111PN1907PLC000258	THE JAMSHRI RANJITSINGHJI SPINNING AND WEAVING MILLS COMPANY LIMITED	Managing director	24/05/2010	21/07/1966	-	Active	NO
2	U70100MH1971PTC015031	LOTUS PROPERTIES PRIVATE LIMITED	Director	02/03/1971	02/03/1971	-	Active	NO
3	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Director	28/02/1982	28/02/1982	-	Active	NO
4	L22100WB1941PLC119187	BINANI METALS LIMITED	Director	13/02/1984	13/02/1984	24/10/2011	Active	NO
5	U55101MH1988PTC048549	NANDINI APPARTMENTS PRIVATE LIMITED	Director	18/08/1988	18/08/1988	-	Active	NO
6	U67120MH1983PLC029627	SAMBHAW HOLDINGS LIMITED	Director	02/07/2007	02/01/2007	24/10/2011	Active	NO
7	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	27/08/2008	27/08/2008	-	Active	NO
8	L27109PY1982PLC000199	EASTCOAST STEEL LIMITED	Director	29/09/2010	28/01/2010	-	Active	NO
9	U40106MH2010PTC202013	SIMPLEX RENEWABLE RESOURCES PRIVATE LIMITED	Director	12/08/2011	08/12/2010	-	Active	NO
10	U67120MH1997PTC109273	K JAYANTILAL SECURITIES PRIVATE LIMITED	Director	18/11/2011	18/11/2011	16/03/2012	Active	NO

Name :

Mr. Rameshwardas Binani

Designation :

Director

Address :

33 B, Rowland Road, Kolkata – 700 020, West Bengal, India

Date of Birth/Age :

04.11.1938

Date of Appointment :

25.09.1984

DIN No.:

00347822

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	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Director	25/09/1984	25/09/1984	-	Active	NO
2	U70109WB1988PTC045189	PRAGDAS MATHURADAS PRIVATE LIMITED	Director	28/10/1988	28/10/1988	-	Active	NO
3	U65921WB1988PTC045315	F B TRADING PRIVATE LIMITED	Director	20/03/1989	20/03/1989	-	Active	NO

Name :

Mr. Shrikishan Fomra

Designation :

Director

Address :

Yadav Bhavan, 20 ft Sikar Ajmer Bipass Road, P. O. Hirapur, Jaipur – 306 001, Rajasthan, India

Date of Birth/Age :

06.02.1940

Date of Appointment :

25.09.1984

DIN No.:

00829166

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	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Director	25/09/1984	25/09/1984	-	Active	NO
2	U65921WB1988PTC045315	F B TRADING PRIVATE LIMITED	Director	20/03/1989	20/03/1989	-	Active	NO
3	U51109WB1992PTC057184	SHRUTI RESOURCES PRIVATE LIMITED	Director	15/12/1992	15/12/1992	-	Active	NO
4	U24231RJ2005PTC021206	GULMARG CHEMICALS PRIVATE LIMITED	Director	02/07/2011	02/07/2011	29/09/2012	Active	NO

Name :

Mr. Chandrakant Bhula

Designation :

Director

Address :

72/74, Annapurna Sadan, V P Road, 2^nd Floor, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.11.1941

Date of Appointment :

25.09.1984

DIN No.:

00206381

Name :

Mr. Balkirshna Binani

Designation :

Managing Director

Address :

28/30, Anantwadi, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

02.01.1951

Qualification :

Post Graduate

Date of Appointment :

01.07.2006

DIN No.:

00175080

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	U51900MH1944PTC004177	BINANI COMMERCIAL CO PRIVATE LIMITED	Director	20/03/1969	20/03/1969	-	Active	NO
2	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Managing director	01/07/2011	01/07/1971	-	Active	NO
3	U27100MH1942PTC003729	PRAGDAS MATHURADAS (BOMBAY) PRIVATE LIMITED	Director	07/12/1984	07/12/1984	-	Active	NO
4	U70101MH1989PTC050773	PONTIAC PROPERTIES PRIVATE LIMITED	Director	01/03/1989	01/03/1989	-	Active	NO
5	U70101MH1989PTC050777	SANTANA PROPERTIES PRIVATE LIMITED	Director	01/03/1989	01/03/1989	-	Active	NO
6	L99999MH1950PLC020987	THE NAV BHARAT REFRIGERATION AND INDUSTRIES LIMITED	Director	03/10/1989	03/10/1989	22/08/2011	Active	NO
7	U45200MH1997PTC105861	DEVPRIYA DEVELOPERS PRIVATE LIMITED	Director	14/02/1997	14/02/1997	-	Active	NO
8	L65990MH1985PLC035268	TARRIF CINE AND FINANCE LIMITED	Director	07/10/2004	07/10/2004	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

SHARE HOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	66.88
Directors or relatives of Directors	31.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Non-ferrous Semis and Copper Alloys.

Products :

Product Description	ITC Code
Non – Ferrous Semis Copper and Copper Alloys	7409

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Non-Ferrous Semis	MT	11872.00	7083.26

Note:

1. Installed capacity is as certified by the Management and not verified by the Auditors, being a technical matter.
2. Production, Turnover and Stock quantity have been rounded off to the nearest MT.
3. Turnover does not include conversion charges received.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India and Bank of Baroda and Punjab National Bank, Chakala Branch, Opposite Sangam Cinema, Sir M. V. Raod, Andheri (East), Mumbai – 400093, Maharashtra, India
• State Bank of India, Commercial Circle, NGN Vaidya Marg, Bank Street, Horniman Circle, PB No. 10141, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee Terms Loan from Bank	320.562	315.235
Loans taken for vehicles	0.344	0.257
Short Term Borrowings
Rupee Terms Loan from Bank	472.740	428.413
Total	793.646	743.905

Banking Relations :	--
Auditors :
Name :	Chhogmal and Company Chartered Accountants
Address :	206, Apollo Chambers, Mogra Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
PAN No.:	AACFC2079H
Associates :	Pragdas Mathuradas (Bom) Private Limited CIN No.: U99999MH1944PTC004190 Binani Commercial Company Private Limited CIN No.: U51900MH1944PTC004177 Vasundhara Developers Private Limited CIN No.: U70100MH1987PTC042305

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5350000	Equity Shares	Rs. 10/- each	Rs. 53.500 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 73.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4513012	Equity Shares	Rs. 10/- each	Rs. 45.130 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 65.130 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5350000	Equity Shares	Rs. 10/- each	Rs. 53.500 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 73.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4513012	Equity Shares	Rs. 10/- each	Rs. 45.130 Millions
	Total		Rs. 45.130 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.130	45.130
(b) Reserves & Surplus	402.258	457.214
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	20.000	20.000
Total Shareholders’ Funds (1) + (2)	467.388	522.344
(3) Non-Current Liabilities
(a) long-term borrowings	391.971	387.559
(b) Deferred tax liabilities (Net)	23.157	28.262
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	6.853	6.900
Total Non-current Liabilities (3)	421.981	422.721
(4) Current Liabilities
(a) Short term borrowings	483.644	437.634
(b) Trade payables	362.589	231.736
(c) Other current liabilities	163.958	162.616
(d) Short-term provisions	0.783	64.599
Total Current Liabilities (4)	1010.974	896.585
TOTAL	1900.343	1841.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	625.497	607.901
(ii) Intangible Assets	0.133	0.169
(iii) Capital work-in-progress	223.038	105.012
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	11.823	12.274
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	14.573	8.978
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	875.064	734.334
(2) Current assets
(a) Current investments	15.000	63.809
(b) Inventories	450.700	428.549
(c) Trade receivables	311.474	315.086
(d) Cash and cash equivalents	85.475	108.055
(e) Short-term loans and advances	110.332	144.317
(f) Other current assets	52.298	47.500
Total Current Assets	1025.279	1107.316
TOTAL	1900.343	1841.650

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		45.130
2] Share Application Money		0.000
3] Reserves & Surplus		348.787
4] (Accumulated Losses)		0.000
NETWORTH		393.917
LOAN FUNDS
1] Secured Loans		735.368
2] Unsecured Loans		71.478
TOTAL BORROWING		806.846
DEFERRED TAX LIABILITIES		17.481
TOTAL		1218.244
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		468.382
Capital work-in-progress		198.035
INVESTMENT		25.995
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	278.003
	Sundry Debtors	287.661
	Cash & Bank Balances	96.045
	Other Current Assets	0.000
	Loans & Advances	129.274
Total Current Assets		790.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	190.917
	Other Current Liabilities	37.394
	Provisions	36.840
Total Current Liabilities		265.151
Net Current Assets		525.832
MISCELLANEOUS EXPENSES		0.000
TOTAL		1218.244

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
			Income	1856.467	3003.807	1362.385
			Other Income	61.799	63.895	74.329
			TOTAL (A)	1918.266	3067.702	1436.714
Less	EXPENSES
			Cost of material consumed	1457.950	2546.233
			Purchases of stock-in-trade	56.247	20.793
			Changes in inventories of finished goods, work-in-progress and stock-in-trade	(52.074)	(136.831)
			Employee benefit expenses	89.348	78.965
			Other expenses	277.945	243.968
			TOTAL (B)	1829.416	2753.128	1256.859
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			88.850	314.574	179.855
Less	FINANCIAL EXPENSES (D)			111.912	100.165	46.368
	PROFIT / LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(23.062)	214.409	133.487
Less/ Add	DEPRECIATION/ AMORTISATION (F)			43.741	36.896	16.863
	PROFIT / LOSS BEFORE TAX (E-F) (G)			(66.803)	177.513	116.624
Less	TAX (H)			(11.559)	65.928	37.863
	PROFIT / LOSS AFTER TAX (G-H) (I)			(55.244)	111.585	78.761
Less	Excess depreciation of earlier year written back			(0.287)	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			442.211	333.784	257.662
Less	APPROPRIATIONS
		Proposed Dividend		0.000	2.708	2.256
		Corporate tax on Proposed Dividend		0.000	0.450	0.383
	BALANCE CARRIED TO THE B/S			387.254	442.211	333.784
	EARNINGS IN FOREIGN CURRENCY ( FOB value of export)			251.617	228.716	174.985
	IMPORTS
			Raw Materials	140.273	392.590	122.774
			Stores & Spares	0.823	0.031	3.812
			Capital Goods and other	75.372	13.578	9.017
	TOTAL IMPORTS			216.468	406.199	135.603
	Earnings / Loss Per Share (Rs.)			(12.24)	24.73	17.45

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.88)	3.36	5.48
Net Profit Margin (PBT/Sales)	(%)	(3.60)	5.91	8.56
Return on Total Assets (PBT/Total Assets}	(%)	(6.42)	15.90	9.26
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.34	0.29
Debt Equity Ratio (Total Debt /Networth)		1.87	1.58	2.05
Current Ratio (Current Asset/Current Liability)		1.27	1.19	2.98

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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Deposits from others	71.065	72.067
Short Term Borrowings
Deposits from others	10.904	9.221
Total	81.969	81.288

WORKING:

The turnover of the company for the year was Rs. 1856.400 Millions as against Rs. 3003.800 Millions during the previous year. The company made a net loss of Rs. 55.200 Millions as against net profit after tax of Rs. 111.500 Millions in the previous year. Loss of Mint order, teething problems at Sarigam plant and rectification of certain technical problems in the machines at Sarigam resulted in lower turnover and loss in the current year. The second phase of expansion at Sarigam plant is progressing satisfactorily.

FIXED ASSETS:

• Land
• Building
• Plant and Equipments
• Motor Vehicles
• Furniture and Fixtures

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. 59.89
UK Pound	1	Rs. 90.88
Euro	1	Rs. 78.32

INFORMATION DETAILS

Report Prepared by :

VNT

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.