MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED
Registered Office :	113, New Rajdhani Enclave, Delhi – 110 092
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.10.1992
Com. Reg. No.:	55-050626
Capital Investment / Paid-up Capital :	Rs.2.490 millions
CIN No.: [Company Identification No.]	U31104DL1992PTC050626
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of welding equipment for tube and pipe production.
No. of Employees :	50 (Approximately)

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 211000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 – 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

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. Ramakant
Designation :	Accounts Manager
Contact No.:	91-120-2555805
Date :	18.07.2013

LOCATIONS

Registered Office :	113, New Rajdhani Enclave, Delhi – 110 092, India
Tel. No.:	Not Available
Mobile No.:	91-9811059066 (Mr. Goel)
Fax No.:	Not Available
E-Mail :	info@unithermindia.com accounts@unithermindia.com
Website :	http://www.unithermindia.com
Location :	Owned
Factory :	A-26, Sector 4, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2555805/ 2535397/ 2544840
Fax No.:	91-120-2542073

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Arjan Dolumal Taurani

Designation :

Director

Address :

Daz-A, Adipur, Bhuj – 370 205, Gujarat, India

Date of Birth/Age :

02.02.1936

Date of Appointment :

14.10.1992

DIN No.:

01711515

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	U31104DL1992PTC050626	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED	Director	14/10/1992	14/10/1992	-	Active	NO
2	U13100MP2003PTC016173	KHK PRESSINGS AND FORGING PRIVATE LIMITED	Director	22/10/2003	22/10/2003	-	Active	NO
3	U45400MH2007PTC171139	KIPRA BUILD INDIA PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO

Name :

Mr. Kamal Kant Goel

Designation :

Director

Address :

E-65, Sector-39, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

01.03.1957

Date of Appointment :

14.10.1992

DIN No.:

01713128

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	U31104DL1992PTC050626	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED	Director	14/10/1992	14/10/1992	-	Active	NO
2	U31109DL1996PTC081951	THERMOGEN INDIA PRIVATE LIMITED	Director	13/09/1996	13/09/1996	-	Active	NO
3	U74999DL2000PTC103551	ROLLFORM EQUIPMENT PRIVATE LIMITED	Director	02/02/2000	02/02/2000	-	Active	NO
4	U31908DL2007PTC162545	CNC SAW SHARPENING PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
5	U25190DL2008PTC181063	EVEREST TUBE PRIVATE LIMITED	Director	18/07/2008	18/07/2008	-	Active	NO
6	U29142DL2012PTC240159	UNITHERM PRIVATE LIMITED	Director	13/08/2012	13/08/2012	-	Active	NO

Name :

Mr. Sudhir Kumar Jain

Designation :

Director

Address :

A-58 Sector – 49, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

23.10.1959

Date of Appointment :

14.10.1992

DIN No.:

01713216

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	U31104DL1992PTC050626	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED	Director	14/10/1992	14/10/1992	-	Active	NO
2	U74999DL2000PTC103551	ROLLFORM EQUIPMENT PRIVATE LIMITED	Director	02/02/2000	02/02/2000	-	Active	NO
3	U31908DL2007PTC162545	CNC SAW SHARPENING PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
4	U25190DL2008PTC181063	EVEREST TUBE PRIVATE LIMITED	Director	18/07/2008	18/07/2008	-	Active	NO
5	U31109DL1996PTC081951	THERMOGEN INDIA PRIVATE LIMITED	Additional director	22/11/2011	22/11/2011	-	Active	NO
6	U29142DL2012PTC240159	UNITHERM PRIVATE LIMITED	Director	13/08/2012	13/08/2012	-	Active	NO

Name :

Mr. Anil Munish Kumar Arjan Taurani

Designation :

Director

Address :

D-A-2-41, Adipur, Kutch – 370 205, Gujarat, India

Date of Birth/Age :

12.11.1968

Date of Appointment :

14.10.1992

DIN No.:

01724937

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	U31104DL1992PTC050626	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED	Director	14/10/1992	14/10/1992	-	Active	NO
2	U13100MP2003PTC016173	KHK PRESSINGS AND FORGING PRIVATE LIMITED	Director	22/10/2003	22/10/2003	-	Active	NO
3	U45400MH2007PTC171139	KIPRA BUILD INDIA PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO

Name :

Mrs. Anita Jain

Designation :

Director

Address :

A-58 Sector – 49, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

29.11.1967

Date of Appointment :

01.04.2009

DIN No.:

01760141

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	U31109DL1996PTC081951	THERMOGEN INDIA PRIVATE LIMITED	Director	13/09/1996	13/09/1996	-	Active	NO
2	U31104DL1992PTC050626	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO

Name :

Mrs. Sunayna Goel

Designation :

Director

Address :

113, New Rajdhani Enclave, Delhi – 110 092, India

Date of Birth/Age :

20.01.1963

Date of Appointment :

28.04.1996

DIN No.:

02361465

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	U31104DL1992PTC050626	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED	Director	28/04/1996	28/04/1996	-	Active	NO
2	U74999DL2000PTC103551	ROLLFORM EQUIPMENT PRIVATE LIMITED	Director	24/11/2003	24/11/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramakant
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Kamal Kant Goel	99600
Sudhir Kumar Jain	44820
Arjan Dolumal Taurani	104330
Anil Munish Kumar Arjan Taurani	250
Total	249000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of welding equipment for tube and pipe production.
Products :	· Solid State HF Welders · Vacuum Tube HF Welders · Electron Tubes · Motion Control Systems · Special Purpose Control Systems · Distribution Panels · Tube and Pipe Manufacturing Solutions · Spares/Consumables · Seam Normalizers · Solid State HF Induction Heaters
Exports :
Products :	· Solid State HF Welders · Vacuum Tube HF Welders · Electron Tubes · Motion Control Systems · Special Purpose Control Systems · Distribution Panels · Tube and Pipe Manufacturing Solutions · Spares/Consumables · Seam Normalizers · Solid State HF Induction Heaters
Countries :	· Kenya · Saudi Arabia · Uganda
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Actual Production
H.F. Induction Welders/ Heaters	No.	29
Parts of H.F. Induction Welders	MT	771
Control Panels	No.	50
Parts of Control Panels	No.	13
Parts of H.F. Heater	No.	1
Scrap	Kg.	3874.75

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

Canara Bank, F-19, Connaught Circus, New Delhi – 110 001, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
From Banks (Secured against hypothecation of company vehicles and also guaranteed by Directors)	0.174	1.081
SHORT TERM BORROWINGS
Repayable on demand
From Banks (Secured against hypothecation of stock and book debts and also guaranteed by Directors)	0.000	2.701
Total	0.174	3.782

Banking Relations :	--
Auditors :
Name :	Madan Dogra and Associates Chartered Accountants
Address :	B-46, 2^nd Floor, Flat No.3, Kalkaji, New Delhi – 110 019, India
PAN No:	AALFM9204H
Associate Company :	· CNC Saw Sharpening Private Limited · Thermogen India Private Limited · Rollform Equipment Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249000	Equity Shares	Rs.10/- each	Rs.2.490 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	2.490	2.490
(b) Reserves & Surplus	50.243	36.506
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.364
Total Shareholders’ Funds (1) + (2)	52.733	39.360
(3) Non-Current Liabilities
(a) Long-term borrowings	0.174	1.081
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.174	1.081
(4) Current Liabilities
(a) Short term borrowings	3.294	5.036
(b) Trade payables	11.396	13.739
(c) Other current liabilities	15.065	22.452
(d) Short-term provisions	21.828	14.981
Total Current Liabilities (4)	51.583	56.208
TOTAL	104.490	96.649
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.848	5.927
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.242	0.051
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.090	5.978
(2) Current assets
(a) Current investments	19.186	4.508
(b) Inventories	28.219	34.825
(c) Trade receivables	12.160	15.263
(d) Cash and cash equivalents	4.574	3.515
(e) Short-term loans and advances	3.472	2.851
(f) Other current assets	31.789	29.709
Total Current Assets	99.400	90.671
TOTAL	104.490	96.649

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.490
2] Share Application Money		0.364
3] Reserves & Surplus		30.070
4] (Accumulated Losses)		0.000
NETWORTH		32.924
LOAN FUNDS
1] Secured Loans		2.274
2] Unsecured Loans		3.040
TOTAL BORROWING		5.314
DEFERRED TAX LIABILITIES		0.000
TOTAL		38.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.799
Capital work-in-progress		0.000
INVESTMENT		2.014
DEFERRED TAX ASSETS		0.054
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.862
	Sundry Debtors	11.091
	Cash & Bank Balances	14.657
	Other Current Assets	0.000
	Loans & Advances	27.332
Total Current Assets		72.942
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.613
	Other Current Liabilities	18.501
	Provisions	11.457
Total Current Liabilities		41.571
Net Current Assets		31.371
MISCELLANEOUS EXPENSES		0.000
TOTAL		38.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	157.235	124.810	125.622 (Gross Turnover)
		Other Income	2.206	0.448	NA
		TOTAL (A)	159.441	125.258	NA
Less	EXPENSES
		Raw Material Consumed	104.181	87.949	NA
		Change in inventories of finished goods, work-in-progress and stock-in-trade	0.336	(1.052)	NA
		Employee Benefits Expenses	17.488	14.640	NA
		Other Expenses	14.880	12.105	NA
		TOTAL (B)	136.885	113.642	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.556	11.616	NA
Less	FINANCIAL EXPENSES (D)		0.215	0.315	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.341	11.301	8.676
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.182	1.842	0.752
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		24.523	9.459	7.924
Less	TAX (H)		10.786	3.023	2.384
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		13.737	6.436	5.540
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (F.O.B.)	11.705	16.604	27.801
		Export of Services	0.000	0.063	0.000
	TOTAL EARNINGS		11.705	16.667	27.801
	Earnings / (Loss) Per Share (Rs.)		55.17	25.85	22.25

Particulars	31.03.2013
Sales Turnover (Approximately)	100.000 (Due to market fluctuation)

Expected Sales (2013-2014): More than Rs.120.000 millions

The above information has been parted by Mr. Ramakant (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.62	5.14	NA
Net Profit Margin (PBT/Sales)	(%)	15.60	7.58	NA
Return on Total Assets (PBT/Total Assets}	(%)	23.52	9.79	10.19
Return on Investment (ROI) (PBT/Networth)		0.47	0.24	0.24
Debt Equity Ratio (Total Debt/Networth)		0.07	0.16	0.16
Current Ratio (Current Asset/Current Liability)		1.93	1.61	1.75

LOCAL AGENCY FURTHER INFORMATION

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 four years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Repayable on demand
From Directors	3.294	2.335
Total	3.294	2.335

Bankers Charges Report as per Registry

Corporate identity number of the company	U31104DL1992PTC050626
Name of the company	UNITHERM INDUCTOWELD (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	113, New Rajdhani Enclave, Delhi – 110 092, India E-Mail: accounts@unithermindia.com
This form is for	Modification of charge
Charge identification number of the modified	90058241
Type of charge	Immovable Property Book Debts Movable Property (not being pledge)
Particular of charge holder	Canara Bank, F-19, Connaught Circus, New Delhi – 110 001, India E-Mail: advcb0143@canarabank.com
Nature of description of the instrument creating or modifying the charge	Common Hypothecation Agreement
Date of instrument Creating the charge	19.03.2012
Amount secured by the charge	Rs.5.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: Interest shall be charged @ 14.25% over the ongoing Base Rate with a minimum of 10.75% p.a. compounded with monthly rests or at such other rates as may be specified by the bank from time to time. Terms of Repayment: As per sanction terms. Margin: As per sanction terms. Extent and Operation of the charge: Charge on primary security of stocks and book-debts of the company and collateral security of plant and machinery and EMT of factory land and building at A-26 Sector-4 Noida is to secure OCC/ODBD limit of Rs.5.000 millions.( sub limit ODBD of Rs.1.500 millions and sub limit of PC/FDB/FDE of Rs.2.000 millions.)
Short particulars of the property charged	Exclusive charge on hypothecation of stocks of the company to stored at different places belonging to the company and book-debts both present and future Collateral Securities;- Hypothecation of plant and machinery gross value of Rs.0.750 million and WDV Rs.0.179 million as per ABS as at 31.03.2011. EMT of factory land and building at A-26, Sector-4 Noida MV Rs.19.400 millions as per VR DT 10.11.2010.
Particulars of the present modification	By present sanction, the OCC/ODBD limit stands enhanced from Rs.3.000 millions to Rs.5.000 millions (sub limit under OCC/ODBD-1.ODBD of Rs.1.500 millions 2. PC/FDB/FDE of Rs.2.000 millions) and is primarily secured by charge on stocks and book-debts and collaterally secured by charge on plant and machinery and immovable property of the company.

FIXED ASSETS:

· Land and Building

· Plant and Equipment

· Furniture and Fixture

· Furniture and Fixture (Temporary Structure)

· Vehicles

· Office Equipment (Computer and Computer Software)

· Office Equipment (Other than Computer and Computer Software)

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.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.